Ripple has closed a $275 million private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage subsidiary, marking one of the largest debt raises by a U.S. blockchain company to date.
The offering received an investment-grade rating of BBB from global credit agency KBRA, which also assigned the same rating to Ripple Prime as an issuer. The notes will fund working capital and general corporate purposes as the unit expands its multi-asset clearing, financing, and prime brokerage services.
Scale Among Largest in Crypto Debt Market
The raise ranks in the top 1% by size among 53 debt rounds completed by U.S. blockchain companies over the past 48 months, placing it at the high end of debt financing in the digital asset sector. Piper Sandler & Co. served as lead placement agent on the transaction.
“The robust support we received for our inaugural notes offering is a testament to the strength of our business today, and confidence in our long-term vision for the growing intersection of traditional and digital asset financial infrastructure,” said Noel Kimmel, President of Ripple Prime, in the company’s announcement.
Prime Brokerage Push
The offering is part of Ripple’s broader push into prime brokerage following its acquisition of Hidden Road, which gave the company a foothold in institutional trading services. Ripple Prime now positions itself as one of the largest non-bank prime brokers globally, offering conflict-free brokerage with tri-party custody setups.
The investment-grade rating is notable in a sector where most crypto-linked debt has historically been rated below investment grade or unrated entirely. The BBB designation suggests that traditional credit markets are beginning to differentiate between crypto companies with diversified revenue streams and those relying solely on token trading.
The proceeds will support growth within a regulated entity, amid strong client demand for modern clearing and financing infrastructure bridging traditional and digital assets. Ripple said it will invest in both its team and technology to execute on its expansion roadmap.
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