Ripple President Monica Long disputes plans and timeline for an IPO

Ripple President Monica Long says the company is not looking to go public anytime soon, and there are “no plans or timeline” for an initial public offering (IPO). 

Speaking to Bloomberg on Wednesday, Long reckoned that Ripple does not have an IPO roadmap and has no short-term intention to join other crypto companies going public. 

“We do not have an IPO timeline,  no plan, no timeline,” she told the news publication during the company’s annual Swell conference in New York on Thursday.

No IPO in the foreseeable future for Ripple, Long says

Long reiterated that the San Francisco-based company is in a “fortunate position” to fund its operations and expansion internally. “We’ve been able to be very well capitalized and fund all of our organic growth, inorganic growth, strategic partnerships, anything we want to do,” she concluded.

Ripple Chief Executive Brad Garlinghouse has previously issued the same sentiments, repeating that the company has been flirting with the idea of a potential IPO, but has decided not to seek external investment.

Yet, Cryptopolitan reported on Wednesday that Ripple had raised $500 million in a funding round valuing it at $40 billion. The round was led by Fortress Investment Group and Citadel Securities, together with Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.

Despite the sizable funding, Long made clear that Ripple is not under any financial pressure to pursue a listing. She declined to reveal 2024 revenue figures but said Ripple’s customer base doubled quarter over quarter, while Garlinghouse said the new funding was just a “cherry on top of a mountain of good news.”

In 2022, the company’s chief executive had alluded that it might consider going public once its legal battle with the US Securities and Exchange Commission (SEC) came to a close. However, after the cross-border payment company made a settlement with the SEC, the CEO told reporters that listing on public markets was not a current priority.

The 2012-founded San Francisco financial firm grew from a base blockchain payments startup to a global financial technology and stablecoin issuing company with services such as payment processing and asset custody to fintechs and large corporate clients. 

Ripple launched its own stablecoin RLUSD in December 2024, which has a nominal market capitalization of just above $1 billion. The company’s native cryptocurrency, XRP, is the fourth-largest digital asset in circulation, with a market value of roughly $133 billion.

In the fiscal year 2025, the company acquired several business entities including prime broker Hidden Road for $1.25 billion, corporate treasury management platform GTreasury for $1 billion, and stablecoin infrastructure provider Rail for $200 million. 

“As we continue to build solutions towards enabling an Internet of Value, I’m reminding you all that XRP sits at the center of everything Ripple does. Lock in,” wrote CEO Garlinghouse in an October update of the company’s operations on X.

Crypto companies pursuing IPOs

Several crypto firms have rushed to capitalize on the law changes made globally to support the digital asset service provision industry. Stablecoin issuer Circle Internet Group, digital exchanges Bullish and Gemini, and blockchain lender Figure Technology Solutions all completed public offerings this year. Kraken, one of the world’s largest crypto exchanges, is also preparing to go public.

Figure, co-founded in 2018 by former SoFi CEO Mike Cagney, completed its Nasdaq debut on September 11 under the ticker FIGR. The stock is trading at $35 a pop, 28.5% lower than its all-time high level $49, reached in early October.

The New York-based firm reported $29.1 million in net income on $190.6 million in revenue in the first half of 2025, compared with a $15.6 million loss on $156 million revenue a year earlier. The blockchain-based credit technology developer has facilitated over $16 billion in loans since its debut in public exchanges.

ConsenSys, the parent company of Ethereum wallet MetaMask, is also reportedly preparing an IPO. Sources told news publication Axios that the firm enlisted JPMorgan and Goldman Sachs to lead the offering and has already raised more than $725 million in six funding rounds. Investors include SoftBank, BlackRock, Temasek, Mastercard, Coinbase, and HSBC.

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