Ripple Prime, the multi-asset prime brokerage unit that Ripple built after last year's $1.2 billion acquisition of Hidden Road, has landed a $200 million debt facility from Neuberger Specialty Finance. The money is earmarked to expand lending capacity for institutional clients, letting them finance positions in both crypto and traditional assets. The deal comes as XRP has climbed 8% over the past month to $1.47, riding a broader crypto rally.
Inside the facility
The facility is structured as a revolving credit line — Ripple Prime can draw down up to $200 million as needed. Peter Sterling, head of Neuberger Specialty Finance, said in a statement that the arrangement is designed to give the prime brokerage “greater flexibility to meet client demand.” Ripple Prime President Noel Kimmel noted the facility will improve responsiveness and capital efficiency. The funds will support client financing across traditional and digital markets, including fixed-income repo activity that Ripple Prime has been scaling up.
Ripple Prime's rapid growth
Ripple Prime was launched after Ripple acquired Hidden Road in late 2024 for roughly $1.2 billion. Since then, the unit's revenue has tripled year-over-year — a pace that would strain any firm's balance sheet if it relied solely on equity. The Neuberger facility gives it a cheaper, more flexible source of debt capital to fuel that expansion. In April 2025, Kroll handed Ripple Prime an inaugural investment-grade issuer rating of 'BBB', a signal that the firm's credit profile was solid enough to attract institutional lenders.
Fixed-income push
Much of Ripple Prime's growth in 2025 came from fixed-income repo, concentrated in short-duration US Treasuries and agency securities. That's a business that eats up balance sheet — to lend securities, you need to have them or borrow them. The $200 million facility gives Ripple Prime more firepower to intermediate those trades without tying up all its own cash. For Neuberger, the deal is a bet that Ripple Prime can keep its credit quality intact as it scales.
The facility is now available for Ripple Prime to draw on. The company hasn't disclosed how much it intends to tap initially, but the structure — a revolving line rather than a lump sum — suggests it will use it opportunistically. For institutional clients, that means faster access to financing without Ripple Prime having to pause and raise more equity every quarter.
