Ripple rules out near-term IPO amid private-market confidence

Long said the San Francisco-based firm is focused on building products and expanding its global payments footprint rather than preparing for an initial public offering, despite estimates that place Ripple’s valuation around $40 billion in secondary markets. Speaking in interviews and public appearances, she stressed that the company has sufficient capital, strong cash flows, and no operational need to raise funds through an IPO.

Ripple, best known for its enterprise payments network and close association with the XRP digital asset, has attracted attention as crypto-linked companies reassess public-market strategies after a volatile period for technology listings. A number of digital-asset firms have either delayed flotation plans or opted to remain private, citing regulatory uncertainty, uneven investor appetite, and the advantages of long-term capital away from quarterly earnings pressure.

Long’s comments underline a deliberate stance by Ripple’s leadership to retain flexibility. The company has repeatedly said it prefers to deploy capital into acquisitions, research, and geographic expansion rather than devote management attention to the demands of public markets. Ripple has also been active in buying back shares from early employees and investors, providing liquidity without opening ownership to public shareholders.

Founded in 2012, Ripple positions itself as an infrastructure provider for cross-border payments, offering banks and financial institutions tools designed to lower settlement costs and increase transaction speed. Its products include RippleNet and On-Demand Liquidity, which uses XRP as a bridge asset in certain corridors. The company reports customers across Asia-Pacific, the Middle East, Africa, Europe and the Americas.

Speculation around an IPO intensified after several high-profile fintech listings and renewed interest from Wall Street banks in digital-asset infrastructure plays. Private transactions in Ripple shares have implied valuations significantly above those seen before its legal dispute with regulators, fuelling expectations that a public debut could be next. Long, however, said such assumptions misread the company’s priorities and balance sheet.

Regulatory considerations remain central to Ripple’s calculus. The firm has spent years in litigation with the US Securities and Exchange Commission over the status of XRP, a case that has shaped how investors assess risk across the crypto sector. Court rulings have provided partial clarity on secondary market sales of XRP, yet the broader regulatory framework for digital assets in the United States continues to evolve, influencing strategic decisions for firms operating at scale.

While Ripple has not ruled out an IPO indefinitely, executives have framed it as an option rather than an objective. Long has indicated that a listing would only be considered if it clearly advanced the company’s mission, improved customer trust, or enabled strategic growth that private capital could not support. For now, she said, none of those conditions apply.

The company’s confidence is bolstered by a strong cash position, much of it held in US dollars rather than digital assets, according to executives. Ripple has also highlighted revenue from software and services, distancing itself from dependence on XRP price movements. This approach is intended to reassure partners and regulators that its business model is sustainable regardless of market swings in cryptocurrencies.

Ripple’s stance contrasts with firms that view public markets as a seal of legitimacy. Executives argue that credibility in payments infrastructure comes from regulatory compliance, uptime, and customer adoption rather than ticker symbols. Long has said Ripple’s relationships with banks, payment providers and central banks are built through multi-year integrations and compliance reviews, processes largely independent of whether a company is listed.

Investor interest, however, shows little sign of fading. Secondary-market platforms and private funds continue to trade Ripple shares, reflecting demand for exposure to crypto infrastructure without the volatility of token markets. Analysts say this private liquidity reduces pressure on the company to seek an IPO as a monetisation event.

Attention is also focused on Ripple’s international strategy. The company has expanded licensing efforts outside the United States and invested in regions where regulatory frameworks for digital assets are more defined. Executives see cross-border payments as a long-term growth area, particularly in corridors where traditional correspondent banking remains costly and slow.