The company that has been feeding the market stories about its future IPO for several years suddenly changed its mind about going public.
So, in order. This week, Ripple President Monica Long officially stated to CNBC:
“IPO? No, thank you. We have enough money. Billions in cash. No issues with recognition either.”
Billions of dollars? Where is it seen that a successful company with billions in its coffers behaves like a mysterious private club? Isn’t an IPO a logical step for expansion and triumph? Apparently, no. At least, not if you are Ripple.
To give you an idea of the scale:
• According to estimates for 2024, Ripple has about $3.5 billion quietly resting in its accounts.
• At the same time, the company continues to buy XRP from the market, supporting its price and liquidity.
• They successfully settled with the legal dragon SEC at the end of 2023. And after all this… they can’t be bothered to go public.
I understand them. An IPO is a hassle. Reporting. Scandals. Pressure from shareholders. Instead, they sit comfortably on billions, with a martini in hand, while CNBC wonders, “When will they?” Never. They have already won their game.
But let’s be honest: there is a hidden catch in this story.
Why would a company with billions in its pocket, resolved lawsuits, and good recognition suddenly decide to stay in the shadows?
• Maybe they know that if they go for an IPO, every single deal will be scrutinized under a microscope?
• Maybe they realize that on the open market, Ripple’s value won’t be as fairytale-like as in private circles?
And a small fact: in 2022, when Brad Garlinghouse hinted at an IPO, XRP was around $0.75. Today? Plus or minus the same. So, all the “magic” of growth from the IPO remained a beautiful fairy tale for investors.
And the cherry on top: while Ripple meditates on its future, its competitors like Coinbase are already fully pumping the stock market.
• Coinbase conducted its IPO in 2021 and immediately received a valuation of nearly $86 billion (though later it was adjusted to a more modest $20-30 billion).
• Ripple sits on the sidelines and pretends it’s not interested.
Maybe they are right. Or maybe they just don’t want us to see that the king is… well, slightly without pants.
Ripple is a strong private bastion. They really don’t need an IPO. But we shouldn’t expect magical jumps in XRP “on the background of rumors” either. If Ripple isn’t going public, it means one thing: everything they wanted to earn, they have already earned. And without you.
