Ripple Prime closes upsized $275 million senior notes offering, rated BBB by KBRA
- Raised
- $275M
- Place in VP50
- #35
- Sources
- 2
- Claims verified
- 6 of 6
What happened
Ripple Prime, the non-bank prime brokerage unit of Ripple, announced on August 18, 2026 that it had closed an upsized private placement of $275 million in senior unsecured notes. Ripple described it as the unit's inaugural notes offering. KBRA rated the notes BBB, an investment-grade rating, in line with the BBB issuer rating it had previously given Ripple Prime. Piper Sandler & Co. was lead placement agent, and Ripple said the offering drew a diverse group of institutional investors.
Ripple said the proceeds would go to working capital and general corporate purposes within a regulated entity. Noel Kimmel, president of Ripple Prime, said the capital would fund investment in the team and technology. CoinDesk, reporting the next day, said Ripple Prime's revenue had tripled year over year since Ripple acquired Hidden Road and rebranded it in 2025. CoinDesk put the Hidden Road price at $1.25 billion, paid in April 2025. Neither source gave the coupon, maturity or pricing of the notes.
Key points
- Ripple announced on August 18, 2026 that Ripple Prime closed an upsized $275 million private placement of senior unsecured notes.12
- KBRA rated the notes BBB, investment grade, consistent with its earlier issuer rating for Ripple Prime.12
- Piper Sandler & Co. was lead placement agent; coupon, maturity and pricing were not disclosed.12
- Proceeds are for working capital and general corporate purposes within a regulated entity.12
- CoinDesk reported that Ripple Prime revenue has tripled year over year since the 2025 Hidden Road acquisition.2
Why it matters
The notes add capital to the prime brokerage unit as debt, so the offering sets no new share price or equity valuation for Ripple.
A BBB investment-grade rating from KBRA on both the notes and the issuer, plus an upsized placement to institutional investors, shows the unit raising money from the debt market.
The most recent equity reference cited by CoinDesk is the May 2026 raise of $200 million from Neuberger Berman at a $40 billion valuation. The notes do not change that mark.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series A | May 19, 2015 | $100M | $28M | Unknown |
| Series B | Sep 15, 2016 | $355M | $55M | SBI Holdings |
| Series C | Dec 20, 2019 | $10B | $200M | Tetragon |
| Strategic investment | Nov 5, 2025 | $40B | $500M | Citadel Securities and Fortress Investment Group |
Updated
Fact-check
- Ripple Prime closed an upsized $275 million private placement of senior unsecured notes, announced August 18, 2026.Confirmed by [1] Ripple: the release dated August 18, 2026 announces the closing of the upsized $275 million private placement. [2] CoinDesk reports the same amount and says the company announced it on Tuesday.Verified
- KBRA assigned the notes a BBB investment-grade rating, consistent with its earlier issuer rating.Confirmed by [1] Ripple, which says KBRA rated the notes BBB and previously assigned Ripple Prime a BBB issuer rating; [2] CoinDesk says the rating was consistent with the issuer rating KBRA previously assigned.Verified
- Piper Sandler & Co. was lead placement agent; coupon, maturity and pricing were not given.Confirmed by [1] Ripple and [2] CoinDesk: both name Piper Sandler as lead placement agent, and neither gives a coupon, maturity or pricing.Verified
- Proceeds go to working capital and general corporate purposes within a regulated entity.Confirmed by [1] Ripple: the release states this use of proceeds. [2] CoinDesk gives the same use of funds.Verified
- Ripple Prime revenue has tripled year over year since Ripple acquired and rebranded Hidden Road in 2025; Ripple paid $1.25 billion in April 2025.Confirmed by [2] CoinDesk: it says the platform's revenue has tripled year over year since Ripple acquired Hidden Road and rebranded it in 2025, and that Ripple bought the firm for $1.25 billion in April, linking an April 2025 article. The tripling is relayed by CoinDesk, not stated in the release.Verified
- In May 2026 Ripple raised $200 million from Neuberger Berman at a $40 billion valuation.Confirmed by [2] CoinDesk: it says Ripple raised $200 million at a $40 billion valuation from Neuberger Berman in May, linking a May 2026 article.Verified
Sources
- [1]Ripple (opens in a new tab)Ripple Prime Closes $275 Million Senior Notes Offeringone of the largest non-bank prime brokers globally
- [2]CoinDesk (opens in a new tab)Ripple raises $275 million in senior notes for prime brokerage pushupsized private placement of senior unsecured notes
