Ripple has spent around $4 billion acquiring six companies over the past three years. These acquisitions have transformed the company into an entity operating full banking functions, despite lacking an official charter and remaining stuck in the OCC conditional queue. With these de facto operations underway, Ripple President Monica Long confirmed there are no plans for an IPO, as the firm prefers to stay private while advancing its expansion strategy.
Fresh capital continues to flow in. Ripple recently secured a $500 million investment from traditional finance and crypto heavyweights, including Fortress, Citadel Securities-affiliated entities, Pantera, Galaxy, Brevan Howard, and Marshall Wace.
Building Services from Custody to Corporate Solutions
This infrastructure buildout began in May 2023 with the $250 million purchase of Metaco. Acquiring the Harmonize platform provider gave Ripple access to top-tier European banks already using its custody services. In mid-2024, Ripple acquired Standard Custody, securing an NYDFS trust charter - the strictest regulatory standard in the United States for holding client assets - which serves as the foundation for issuing the RLUSD stablecoin.
April 2025 marked its largest move with the $1.25 billion acquisition of institutional prime broker Hidden Road. Now operating as Ripple Prime, the unit handles clearing for foreign exchange, derivatives, fixed income, and digital assets. Four months later, Ripple acquired Rail to manage stablecoin payment rails bridging banking systems and on-chain dollars.
Ripple expanded into corporate treasury management in October 2025 through its $1 billion purchase of GTreasury. Processing $12.5 trillion in annual payment volume, the platform provides direct access to corporate treasurers and CFOs globally. The acquisition spree wrapped up with Palisade in late 2025, adding dedicated custody infrastructure for XRP tokens.
How Big Is Ripple Prime’s Revenue?
Ripple Prime reported that its revenue has tripled since the Hidden Road acquisition. The division now manages an annual clearing volume exceeding $3 trillion.
This infrastructure underpins the expansion of the RLUSD stablecoin, whose circulating supply has surpassed $1.5 billion. The token is integrated with Mastercard, WebBank, and Gemini. To safeguard reserves, BNY Mellon has served as the primary reserve custodian for RLUSD since July 2025, mirroring its role with USDC.
These acquisition pieces unite to form an unchartered bank in all but name. Ripple now houses cross-border settlement rails, licensed asset custody, institutional brokerage, and corporate treasury management under one roof. The strategy demonstrates that controlling financial infrastructure holds far greater value than simply issuing a token.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
