<p><cite><a href="https://x.com/Ripple" rel="noopener noreferrer nofollow">@Ripple</a> has closed an upsized $275 million private placement of senior unsecured notes issued by Ripple Prime, its non-bank prime brokerage, to support its ongoing and expanding US business.</cite><cite>The decision to upsize the offering reflects demand that exceeded the amount originally planned.</cite></p>
<h2 id="institutional-demand-and-deal-structure">Institutional Demand and Deal Structure</h2>
<p><cite>The notes attracted a diverse base of institutional investors in key financial markets, with proceeds earmarked for working capital and general corporate purposes as Ripple Prime grows its multi-asset clearing, prime brokerage, and financing services.</cite><cite>Piper Sandler served as lead placement agent for the transaction.</cite></p>
<p><cite>The notes received a BBB investment-grade rating from KBRA, which had previously assigned the same rating to Ripple Prime as an issuer.</cite><cite>KBRA expects margins to improve in 2026 as the company's balance sheet grows, though revenue currently remains concentrated in spread-based financing and is sensitive to balance-sheet size and interest rates.</cite></p>
<p><cite>Ripple Prime President Noel Kimmel said the transaction gives the business an additional source of capital to invest in its team and technology as it expands its operations.</cite></p>
<h2 id="background-from-hidden-road-to-ripple-prime">Background: From Hidden Road to Ripple Prime</h2>
<p><cite>Ripple announced its $1.25 billion acquisition of Hidden Road in April 2025, making it the first crypto firm to operate a global, multi-asset prime brokerage with a financing infrastructure that traditional finance has relied on for decades.</cite><cite>Hidden Road now operates under the name Ripple Prime.</cite></p>
<p><cite>Since the deal closed in October 2025, Ripple's own statements show the business has tripled in size, with client collateral doubling and average daily transactions climbing past 60 million.</cite><cite>In May 2026, the company also secured a $200 million asset-backed debt facility from Neuberger Specialty Finance to increase its lending capacity.</cite> The latest notes offering adds another layer to that capital stack as Ripple Prime pushes deeper into institutional markets.</p>
<p><strong>Sources:</strong><br><a href="https://ripple.com/ripple-press/ripple-prime-closes-275-million-senior-notes-offering/" rel="noopener noreferrer nofollow">Ripple Press Release: Ripple Prime Closes $275 Million Senior Notes Offering</a><br><a href="https://www.cryptotimes.io/2026/08/19/ripple-prime-raises-275m-as-it-expands-u-s-crypto-business/" rel="noopener noreferrer nofollow">Crypto Times: Ripple Prime Raises $275M as It Expands US Crypto Business</a><br><a href="https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/" rel="noopener noreferrer nofollow">Ripple Press Release: Ripple Acquires Prime Broker Hidden Road for $1.25B</a></p>

Ripple Prime raised $275M in an upsized private placement of senior notes

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