Ripple Prime, Ripple’s institutional prime brokerage arm, closed on August 18 a $275 million private placement of senior unsecured notes, rated BBB by KBRA. This upsized deal, which exceeded initial offering size due to strong investor demand, will fund the expansion of its US business in digital asset prime brokerage, multi-asset clearing, and financing services. This raise follows a $200 million asset-backed debt facility secured in May 2026 from Neuberger Specialty Finance, bringing total debt financing to $475 million in roughly three months. The BBB investment-grade rating places Ripple Prime’s debt in the same category as established corporate issuers that pension funds and insurance companies are permitted to hold, giving it a structural competitive advantage through lower borrowing costs compared to lower-rated competitors.
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