Ripple's Prime Brokerage Arm Raises $275 Million with Investment-Grade Bond

Ripple's prime-brokerage arm, Ripple Prime, has raised $275 million through an upsized private placement of senior unsecured notes. This is just months after its last capital injection in May, which closed at a valuation of $40 billion.

The notes, with a 8.25% coupon and maturing in 2031, received an investment-grade BBB rating from KBRA. However, the agency temperers this assessment by describing Ripple Prime's business model as still scaling, with its earnings profile in an early growth stage.

Ripple Prime's revenue has roughly tripled year-on-year since the Hidden Road acquisition closed, according to the company's own numbers.