As a growing number of crypto-focused financial technology companies prepare for initial public offerings (IPOs), Ripple is sending a clear message about its plans: The company has no immediate plans for an IPO.
“There’s no timeline for an IPO. There’s no plan, no schedule,” Ripple President Monica Long told Bloomberg in an interview at the Swell conference in New York.
The surge in the crypto asset market in the first nine months of this year has prompted many companies to pursue initial public offerings.
This year, Circle, Bullish, Gemini, and blockchain lending platform Figure Technologies all held IPOs. US-based cryptocurrency exchange Kraken is also preparing for an IPO.
Ripple announced on Wednesday that it had raised $500 million. The round, which valued the company at $40 billion, was led by funds affiliated with Fortress Investment Group and Citadel Securities. Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace also participated in the round.
Long highlighted Ripple’s strong financial position, saying the company can easily support organic and inorganic growth, strategic partnerships, and operations all with its own resources.
Long declined to disclose Ripple’s 2024 earnings, but noted that the company’s customer base doubled from the previous quarter.
*This is not investment advice.