The buyback values the blockchain payments firm 25% above its November funding round, even as bitcoin and XRP have fallen more than 40% and 50% respectively from their peaks.
Ripple has begun buying back shares from employees and investors at a valuation of approximately $50 billion through a tender offer expected to run through April, according to CoinDesk’s reporting.
The program targets up to $750 million in shares, a figure that positions Ripple as one of the most valuable private companies in digital assets despite the broader market downturn that has erased trillions in crypto market capitalization since October 2024.
The $50 billion figure represents a 25% increase from the $40 billion valuation attached to Ripple’s most recent fundraising round, completed in November 2025. That round raised $500 million from an institutional roster that included affiliates of Citadel Securities, Fortress Investment Group, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
The higher implied valuation comes despite the fact that bitcoin has fallen more than 40% from its October peak and XRP, the token most closely associated with Ripple’s payments infrastructure, has declined more than 50% over the same period.
The timing is notable because it follows a failed predecessor. In September 2025, Ripple attempted to repurchase up to $1 billion in shares at a $40 billion valuation but saw the lowest participation rate of any buyback attempt in its history, with employees and investors declining to sell at what they believed was an undervalued price. That reluctance was itself a signal of internal confidence. The new offer, at a materially higher price, is designed in part to address that gap and provide liquidity to shareholders who may need it amid a prolonged bear market.
Ripple’s business has expanded substantially beyond its original focus on cross-border payment infrastructure for banks. The company acquired Prime Brokerage Hidden Road for $1.25 billion and purchased the Treasury Management business division GTreasury for $1 billion, broadening its footprint into institutional financial services. Its stablecoin RLUSD has been gaining traction with fintech firms for cross-border settlements. Ripple recently said it has processed more than $100 billion in total payment volume across its network.
CEO Brad Garlinghouse and president Monica Long have previously maintained that an initial public offering in the United States is not currently planned. That stance has held across multiple rounds of speculation and several funding cycles, suggesting the company is in no hurry to face the disclosure requirements and quarterly earnings pressure that comes with a public listing. The buyback program, which gives shareholders a structured exit at a premium to the November round price, functions as a partial substitute for the liquidity a public market would otherwise provide.
Goldman Sachs has emerged this week as the largest holder of spot XRP exchange-traded funds, according to separate filings, adding institutional context to the broader XRP ecosystem’s recovery story. Whether that institutional engagement translates into a sustained price recovery for XRP — and whether that in turn supports Ripple’s ability to raise again at a higher valuation — will be the operative question for shareholders deciding whether to participate in the tender.