Ripple is buying back $750 million of its own shares at a $50 billion valuation, a 25% jump from the $40 billion the company was worth in November 2025. The tender runs through the end of April, and CEO Brad Garlinghouse has softened his stance on taking the company public, saying Ripple is "more neutral" on the question. President Monica Long is blunter: "No plans for an IPO."
A higher price tag
The new valuation marks a significant step up from the $40 billion set in November 2025, when Citadel Securities pumped $500 million into Ripple. That round valued the payments company at $40 billion. The current buyback suggests Ripple's board sees the company as worth more now, even as the broader crypto market has cooled since then. Ripple holds roughly 34 billion XRP tokens in escrow, worth tens of billions of dollars, which underpins much of that valuation.
The $750 million tender is smaller than the $1 billion buyback Ripple ran at the $40 billion valuation. But the company isn't trying to match that figure. It's giving employees and early investors a chance to cash out at a higher number, without the scrutiny of a public listing.
IPO talk cools
Garlinghouse's "more neutral" comment is a shift from his earlier public positioning. He hasn't filed an S-1, and there's no timetable. Long's statement is even more direct. The company isn't preparing for a listing right now. That doesn't rule one out forever, but it does suggest the leadership is comfortable staying private for the foreseeable future.
Participation is the tell
Ripple's last buyback, a $1 billion tender at the $40 billion valuation, saw low participation. Employees simply didn't want to sell while the crypto market was booming and XRP's price was climbing. This time the dynamics are different. The valuation is higher, but the market isn't as hot. Whether employees and early investors choose to sell now will be a key indicator of how they view Ripple's trajectory and whether an IPO is ever in the cards.
The tender closes at the end of April. The participation numbers will tell the next chapter.
Beyond payments
Ripple has been expanding beyond its core payments business. The acquisition of Hidden Road, a prime brokerage, adds another piece to that puzzle. The company now sits among the top ten most valuable private companies globally, alongside SpaceX and OpenAI. That's a club that usually doesn't stay private forever, but Ripple's leadership is in no rush to join the public markets.
