Ripple Prime, Ripple‘s non-bank prime brokerage arm, has closed an upsized $275 million private placement of senior unsecured notes, its first-ever corporate bond offering, with Piper Sandler & Co. acting as lead placement agent. The notes drew a diverse base of institutional investors across key financial markets and received an investment-grade BBB rating from KBRA, lifting Ripple Prime’s total debt financing to roughly $475 million over about three months following a $200 million debt facility from Neuberger Specialty Finance in May. The main objective is to fund Ripple Prime’s US expansion, supporting working capital and growth of its multi-asset clearing, financing, and prime brokerage services for more than 300 institutional clients trading traditional and digital assets; the unit was launched in November 2025 after Ripple’s $1.25 billion acquisition of multi-asset prime brokerage Hidden Road. Key players include Ripple Prime president Noel Kimmel, formerly of Cantor Fitzgerald and Cerberus Capital Management, who said the offering gives the business “an additional source of capital to invest in our team and technology” as it pursues its growth roadmap.
Ripple Prime Raises $275M in First-Ever Corporate Bond Sale
