Did Ripple Just Ditch Its IPO Dreams After Crushing the SEC — What’s Really Going On? Ripple, the US blockchain company that powers XRP, surprised investors by announcing that it will not pursue an initial public offering (IPO) after winning a long court battle with the SEC.
Does Monica Long Say Ripple Is ‘Well Capitalised’?
Ripple President Monica Long discusses the company’s IPO plans.
According to Bloomberg, Ripple President Monica Long confirmed that the company has no plans or schedule for an IPO. According to her, Ripple is still “well capitalised” and can finance its strategic and organic expansion without going public.
Ripple Closes Chapter on IPO Talk Following SEC Settlement
This ruling puts an end to years of conjecture. Executives at Ripple had been looking at an IPO since 2020, but those preparations were put on hold when the company was sued by the SEC for $1.3 billion. The SEC dropped the allegations in March, ending the matter earlier this year.
Institutional behemoths Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace recently announced a $500 million strategic investment in Ripple. This action follows the company’s best year to date, during which it completed a $1 billion tender offer valued at $40 billion.
Growing Business Without Going Public
Although Ripple doesn’t reveal all of its revenue, CB Insights projected $1.3 billion in sales for 2024. According to Long, the introduction of the Ripple USD (RLUSD) stablecoin and more transparent international rules caused Ripple to double the number of its customers.
Conclusion
Ripple’s choice to maintain its privacy reflects its sound financial standing and faith in its ability to flourish on its own. The company plans to focus on growing its global presence and solidifying its position in the cryptocurrency sector rather than pursuing an IPO.
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