Ripple Prime has raised $275 million through its first corporate bond offering, giving the institutional brokerage additional capital to expand its trading, financing, and clearing infrastructure in the US.
The senior unsecured notes were sold to institutional investors through an offering managed by investment bank Piper Sandler & Co. Ripple said the bonds attracted a diverse group of institutional investors across key financial markets, although the specific buyers were not disclosed.
The notes received a BBB investment-grade rating from KBRA, giving Ripple Prime access to another source of institutional capital as it continues to expand its US operations.
According to Ripple, proceeds from the offering will be used for working capital, general corporate purposes, and the continued expansion of its US business.
The bond sale builds on an earlier financing effort involving investment management firm Neuberger, which provided Ripple with a $200 million debt facility through its Specialty Finance division.
Expanding Institutional Market Infrastructure
Ripple Prime provides trading, financing, and post-trade clearing services to more than 300 institutional clients trading both traditional and digital assets.
The platform launched in November 2025 following Ripple’s $1.25 billion acquisition of Hidden Road, a multi-asset prime brokerage. The acquisition gave Ripple an established institutional trading and financing platform as it sought to expand beyond its core blockchain and payments business.
Ripple Prime is led in the US by Noel Kimmel, who previously served as president of Hidden Road and held senior positions at Cerberus Capital Management and Cantor Fitzgerald.
The latest bond offering gives the business another source of funding to support its expansion while avoiding additional equity issuance.
“With the completion of this offering, we have an additional source of capital to invest in our team and technology as we execute on our ambitious growth roadmap.”
Noel Kimmel, President of Ripple Prime
The financing comes as institutional demand for infrastructure connecting traditional and digital asset markets continues to develop. By providing trading, financing, and clearing across both asset classes, Ripple Prime is positioning itself as a broader institutional brokerage rather than a platform focused exclusively on crypto markets.
The $275 million bond sale also represents a significant step in Ripple Prime’s development as an independent institutional financial services business. Access to the corporate debt market could provide the division with greater flexibility to finance technology investment, infrastructure expansion, and its growing US client base.
About Ripple Prime
Ripple Prime is Ripple’s institutional brokerage business, providing trading, financing, and post-trade clearing services across traditional and digital assets. The platform was established following Ripple’s acquisition of Hidden Road and currently serves more than 300 institutional clients.
