Ripple Boosts Bid to $11B to Acquire Circle — But Coinbase Is Entering the Ring
The crypto world is buzzing with fresh speculation: Ripple has reportedly doubled its bid to acquire Circle, the company behind the USDC stablecoin, from $5 billion to an eye-popping $11 billion. And just as things heat up, Coinbase may be gearing up to make a move of its own.
Why Is Ripple So Eager to Land Circle?
Ripple’s initial $4–5 billion offer for Circle was reportedly declined last month. Now, with rumors that Coinbase might also be eyeing a deal, Ripple appears to be upping the ante — hard. If true, the revised $11 billion bid could mark one of the boldest acquisition plays in crypto since FTX’s collapse.
The target? Circle’s prized asset, USDC, which boasts a $61 billion market cap and is a cornerstone of the stablecoin ecosystem.
Adding to the intrigue is the improving U.S. regulatory outlook under Trump’s administration — including a curious development: a “Crypto Dinner” planned for the top 220 holders of the TRUMP meme coin.
Ripple Has the Firepower
According to Ripple’s Q1 2025 Markets Report, the company holds 4.56 billion XRP (valued at $10.72 billion) and a staggering 37.13 billion XRP locked in escrow (worth $87.25 billion). That kind of capital gives Ripple significant leverage to pull off a deal of this size.
Angel investor Paul Barron believes Ripple currently has the edge, tweeting:
> BREAKING: @Ripple and @coinbase now in bidding war for @circle – Sources say @ripple has the upper hand at a 9–11 Billion price tag. #XRP #USDC #CRYPTO
Enter Coinbase
But Ripple isn’t alone. Coinbase is reportedly exploring its own offer. With $8 billion in cash reported in Q1 2025 and the ability to raise more via the public markets, Coinbase could easily put together a competitive package — potentially mixing cash and equity.
Is Circle Even on the Market?
That’s the big question. Circle has not confirmed any intention to sell. The company remains focused on its long-term strategy, including a potential IPO. Backed by major players like JPMorgan and Citi, Circle is in a strong negotiating position — and may simply be fielding offers to assess its value or gain insight into its suitors.
As the bidding war brews, the crypto industry watches closely. Will Ripple close the deal, or will Coinbase outmaneuver them? Or perhaps Circle will walk away entirely?
One thing’s clear: the stakes — and the dollars — couldn’t be higher.
