Ripple is not planning to go public at this stage. President Monica Long said in a Bloomberg interview that the company intends to remain private and keep expanding through acquisitions and infrastructure buildout rather than pursue an IPO. Ripple raised $500 million in November 2024 at a $40 billion valuation, and Long said that financing, combined with the company’s balance sheet, removes any immediate need to access public markets.
Long said the usual reason to pursue an IPO is to reach public market investors and gain liquidity. In Ripple’s case, she argued, strong internal finances and interest from strategic backers such as Citadel and Fortress give the company enough room to keep funding growth without listing its shares. Her comments also addressed pressure from investors looking for returns.
Fortress and Citadel joined the cap table in the November round
The November financing added Fortress and Citadel to Ripple’s shareholder base, alongside several crypto-native funds. The deal also included investor protections, such as the right for shareholders to sell shares back to Ripple at a guaranteed price and preferential treatment in major corporate events including bankruptcy or a sale.
Long defended those terms by saying investors were responding to a business that is already working, not just to market positioning. She pointed to Ripple’s digital asset infrastructure business for enterprises and financial institutions, describing that operating model as a key reason strategic investors were willing to participate.
After 4 acquisitions in 2024, integration is now the near-term priority
According to Long, the new capital is being used to support Ripple’s inorganic growth strategy. The company completed 4 acquisitions in 2024 and is now concentrating on integrating those businesses. Acquisitions are still expected to remain central to Ripple’s expansion plans.
That approach shows Ripple is leaning on dealmaking and product assembly instead of using a public listing as the next step in its growth story. Long did not indicate any change in that stance.
Ripple pushes diversification beyond XRP with custody and on-off ramp products
Long also addressed concerns that Ripple could be seen as overly reliant on XRP. She said the company’s diversification strategy is centered on infrastructure products, including secure digital asset custody, compliant on and off ramps, and the connective layer traditional finance needs to make blockchain, cryptocurrencies, and stablecoins usable in practice.
Ripple said it has built a portfolio of more than 70 licenses globally to support compliant crypto flows for customers. Long described that posture as “compliance first” as the company prepares for expansion into tokenized capital markets.