Ripple Acquires Hidden Road for $1.25 Billion in Strategic Bid for Institutional Crypto Dominance
A landmark acquisition bridging traditional and decentralized finance, anchored by Ripple’s RLUSD stablecoin and the XRP Ledger.
In a bold move poised to reshape the institutional crypto landscape, Ripple has officially announced the acquisition of prime brokerage firm Hidden Road for $1.25 billion. The deal is among the largest mergers and acquisitions ever seen in the cryptocurrency space and positions Ripple as the first crypto company to own and operate a global, multi-asset prime broker.
The acquisition—funded through a combination of cash, XRP tokens, and equity—aims to scale Ripple's institutional offerings and solidify its position as a leader in enterprise blockchain integration.
“We are at an inflection point for the next phase of digital asset adoption,” said Brad Garlinghouse, CEO of Ripple. “With the regulatory fog lifting in the U.S. and markets maturing to meet the needs of traditional finance, we're leveraging the strengths of XRP and our infrastructure to transform the financial space at scale.”
The Power of Hidden Road
Hidden Road brings impressive credentials to the table, currently clearing over $3 trillion annually across global markets and serving more than 300 top-tier institutional clients. As part of the acquisition, Ripple plans to inject billions in capital to immediately expand Hidden Road’s operations and accelerate its path to becoming the largest non-bank prime broker worldwide.
"With new resources, licenses, and added risk capital, this deal will unlock significant growth," said Marc Asch, Founder and CEO of Hidden Road. "We’re committed to bringing the same level of trust and reliability that institutions expect in traditional finance — now optimized for the digital asset era."
A New Era for RLUSD and Cross-Margining
A key component of the deal is the use of Ripple’s enterprise-grade stablecoin, RLUSD, which will be utilized as collateral in Hidden Road’s prime brokerage products. This development makes RLUSD the first stablecoin to enable efficient cross-margining between traditional and digital markets, significantly increasing its utility and adoption.
Ripple’s own infrastructure—renowned for being secure, compliant, and scalable—will underpin the expansion, supported by the company’s over 60 regulatory licenses worldwide and more than a decade of experience in digital assets.
The transaction is pending regulatory approval and is expected to close in the coming months. Ripple had previously invested in Hidden Road during its Series B funding and is already a customer, providing firsthand validation of the brokerage firm’s technology, risk management, and operational excellence.
