Ripple has completed a $275 million senior unsecured note offering to support the expansion of its U.S.-based institutional financial services, including prime brokerage and multi-asset clearing.
The private placement, conducted by Ripple Prime—the company’s non-bank prime brokerage arm—closed on Tuesday and attracted a diverse group of institutional investors, according to a company statement. Ripple Prime President Noel Kimmel described the demand as a vote of confidence in the firm’s long-term strategy to bridge traditional and digital asset financial infrastructure.
Proceeds from the offering will be allocated to Ripple’s broader push into financial services, including prime brokerage, financing, and multi-asset clearing. The capital injection follows Ripple’s $200 million credit facility secured from Neuberger Berman in May, which was earmarked to expand the lending capacity of its institutional prime brokerage business.
Ripple’s entry into institutional services was accelerated by its acquisition of Hidden Road last year in a deal valued at approximately $1.25 billion. The acquisition enabled the launch of Ripple’s institutional prime brokerage platform, later rebranded as Ripple Prime. In July, the company introduced Ripple Mint, a platform designed to provide institutions with new avenues for accessing, minting, redeeming, and managing its U.S. dollar-pegged stablecoin, RLUSD.
As of the latest data, RLUSD has a market capitalization of $1.76 billion, according to CoinGecko.
