- Ripple agrees to buy Hidden Road for $1.25 billion.
- Deal makes Ripple first crypto firm to own a prime broker.
What’s happened:
Ripple is a US-based digital asset firm. It agreed to acquire Hidden Road, a multi-asset prime broker, for $1.25 billion in cash and stock. The announcement came on 8 April 2025. The deal ranks among the largest in the digital asset sector this year.
Hidden Road processes over $3 trillion annually for more than 300 institutional clients. The acquisition will make Ripple the first crypto company to own and run a global prime brokerage. Ripple CEO Brad Garlinghouse said the US market is now open to digital assets due to regulatory changes.
The deal is expected to close in the coming months, subject to regulatory approvals. It will allow Hidden Road to expand capacity and product offerings using Ripple’s balance sheet. The firm will also integrate its RLUSD stablecoin into Hidden Road’s collateral and clearing operations.
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Why it’s important
This acquisition marks a key development in the digital asset market. Ripple’s purchase of Hidden Road provides a blueprint for crypto firms seeking institutional services. It may spur other companies to pursue similar deals. The integration of a prime broker can boost market liquidity and efficiency. It underscores the trend of crypto firms moving into traditional financial infrastructure. The deal could enhance the adoption of stablecoins like RLUSD in margin trading and clearing. It also demonstrates growing confidence of institutional clients in digital asset services.
By owning a prime broker, Ripple may gain deeper insight into market dynamics and risk management. The move aligns with global shifts towards regulatory clarity and mainstream acceptance of cryptocurrencies. Stakeholders will watch how the combined entity manages client needs and compliance. The outcome may influence regulatory approaches and set new industry standards.
