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Ripple Prime has raised $275 million through an upsized private placement of senior unsecured notes, adding capital for its expanding U.S. prime brokerage business. The offering closed on August 18 and was the company’s first senior notes issuance.
Ripple said proceeds will support working capital and general corporate purposes within the regulated brokerage entity as demand grows for multi-asset clearing, prime brokerage and financing services.
BBB-Rated $275M Notes Attract Institutional Investors
The unsecured notes received a BBB investment-grade rating from KBRA, matching the issuer rating previously assigned to Ripple Prime. Ripple said the placement attracted institutional investors across several financial markets.
Piper Sandler acted as lead placement agent. Ripple did not identify the investors or disclose the original size of the offering before it was increased to $275 million. Ripple Prime President Noel Kimmel said the financing gives the business an additional source of capital to invest in its team and technology while pursuing its growth plans.
Ripple Prime Adds $275M After May’s $200M Credit Facility
The notes provide another source of funding three months after Ripple Prime secured a $200 million debt facility from Neuberger Specialty Finance. That facility allows the brokerage to draw up to $200 million as client needs change.
Proceeds from the May facility are used to extend financing to institutional clients across traditional and digital markets, increasing Ripple Prime’s margin capacity. Ripple said in May that the business had tripled its revenue year over year since its acquisition.
Ripple Prime currently clears more than $3 trillion annually across markets and serves more than 300 institutional customers. Its coverage includes digital assets, foreign exchange, derivatives, swaps and fixed income.
$1.25B Hidden Road Deal Created Ripple Prime in October 2025
Ripple agreed to acquire Hidden Road for $1.25 billion in April 2025 and completed the transaction in October, renaming the multi-asset prime broker Ripple Prime.
Ripple has since integrated the brokerage into its wider digital asset infrastructure business. RLUSD is used as collateral for some Ripple Prime products, while the company has said it plans to use blockchain technology to streamline parts of the brokerage’s operations.
The $275 million notes now add another funding source to Ripple Prime’s U.S. business alongside the $200 million facility secured in May.
