Ripple Prime, Ripple’s prime brokerage firm, has closed the upsized offering of its senior unsecured notes to help support its U.S. expansion. This comes as the crypto firm continues to expand its operations under a crypto-friendly administration, even as the CLARITY Act stalls.
Ripple Prime Closes Upsized Offering Of Senior Notes
In a press release, the crypto firm announced the successful close of the upsized $275 million private placement of senior unsecured notes that Ripple Prime issued to support its ongoing and expanding U.S. business. The firm noted that the offering generated much demand, attracting interest from a “diverse base of institutional investors in key financial markets.”
Ripple further revealed that its prime brokerage will specifically use the proceeds from the offering as working capital and for general coperate purposes. Commenting on this development, Noel Kimmel, President of Ripple Prime, said,
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.
Kimmel added that they now have an additional source of capital to invest in the team and technology as they look to boost their position as one of the largest non-bank prime brokers globally. Ripple Prime was previously Hidden Road before Ripple’s $1.25 billion acquisition last year.
Since the acquisition, Ripple Prime has integrated crypto trading into its services. Earlier this year, the firm added support for Hyperliquid, making the decentralized platform its first DeFi venue for its institutional clients to trade perpetuals.
Unsecured Notes Gain Investment Grade Rating
The crypto firm also revealed that the unsecured notes received an investment-grade rating of BBB from the global credit rating agency KBRA. Earlier this year, KBRA assigned Ripple Prime an issuer rating of BBB.
The credit agency cited Ripple’s strong capital position, including its XRP holdings, as one reason for this rating. It also noted Ripple Prime’s growing balance sheet, further strengthened by the close of this offering.
The close of this offering notably comes as Ripple continues to expand its operations within and outside the U.S. As CoinGape reported earlier today, the crypto firm partnered with a Korean bank, which is deploying Ripple payments for real-time cross-border settlement.
For more on crypto trading, check out the Best Regulated Crypto Exchanges in the USA – Top Picks Compared in 2026
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