Ripple Prime Secures $275M Investment-Grade Credit Line

Ripple Prime, a non-bank prime broker, closed a $275 million private placement of senior unsecured notes in an upsized deal. This new pool of capital will support Ripple Prime's U.S. expansion and working capital within a regulated entity. The offering was led by Piper Sandler.

The rating agency KBRA assigned the holding company's senior unsecured debt a BBB rating with a Stable Outlook, but emphasized that credit can move across the legal structure only through channels available to each entity.

KBRA expects parental support from Ripple, which has already shown a willingness to capitalize the business. The parent injected around $500 million after acquiring Hidden Road in 2025, and Ripple reported holding over 40 billion XRP as of the third quarter of that year. However, this value is exposed to token prices and market liquidity during a prolonged digital-asset downturn.

The rating agency also noted that the brokerage's business is still in an early scaling phase with revenue concentrated in spread-based financing. To achieve investment-grade status, Ripple Prime needs to grow its revenue, diversify its mix, and mitigate counterparty and liquidity exposure through mechanisms like matched-principal structures.