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Ripple Prime’s $275M Notes
Ripple raised $275 million in an upsized private placement of senior unsecured notes for Ripple Prime, its non-bank prime brokerage arm, to expand its U.S. clearing, prime brokerage and financing services.
“Ripple has raised $275 million in an upsized private placement of senior unsecured notes”
Credit rating agency KBRA assigned the notes an investment-grade BBB rating, matching Ripple Prime’s own BBB issuer rating, as Piper Sandler acted as lead placement agent on the debut debt deal.
Ripple Prime is the former Hidden Road business that Ripple acquired for $1.25 billion in April 2025, and the company said revenue at Ripple Prime has tripled year over year since the acquisition and rebranding in 2025.
Ripple Prime President Noel Kimmel framed the raise as more than a balance-sheet move, saying, “The robust support we received for our inaugural notes offering is a testament to the strength of our business today.”
Institutional Demand, Rating
The deal closed on August 18, 2026, and the company said it would use the proceeds to keep scaling its U.S. operations as institutional demand for crypto-adjacent financial infrastructure keeps climbing.
KBRA’s BBB investment-grade rating was described as an endorsement of Ripple Prime’s creditworthiness, with the rating matching Ripple Prime’s own BBB issuer rating and being tied to Ripple’s capital position.
Noel Kimmel said the fresh capital gives the firm “an additional source of capital to invest in our team and technology,” as Ripple Prime works toward becoming one of the largest non-bank prime brokers globally.
CoinGape reported that the offering generated “much demand,” attracting interest from a “diverse base of institutional investors in key financial markets,” and it quoted Kimmel on the long-term vision for “the growing intersection of traditional and digital asset financial infrastructure.”
What the Capital Funds
Ripple said the proceeds will be used for working capital and general corporate purposes as Ripple Prime scales its U.S. operations, including multi-asset clearing, prime brokerage, and financing services.
“due in 2031 with an 8.25% coupon”
The Cryptonomist added that the notes mature in 2031 and carry an 8.25% coupon, while also describing the private placement structure as raising capital directly from institutional investors rather than through a public bond sale.
Ripple Prime’s expansion is tied to its broader U.S. product push, including the launch of Ripple Mint and support for RippleUSD (RLUSD), with Cointelegraph also noting that Ripple Prime launched Ripple Mint in July.
Beyond the notes, Ripple’s partnerships in South Korea were highlighted alongside the funding, including Jeonbuk Bank becoming the first regional bank in South Korea to implement Ripple Payments to enable near real-time, 24/7 cross-border remittances.
