Ripple announced on Tuesday that it will acquire Hidden Road, a multi-asset prime broker, in a deal valued at $1.25 billion. This acquisition marks one of the largest purchases ever made by the cryptocurrency company.
The move is part of a growing trend of billion-dollar deals in the cryptocurrency sector this year, as digital assets, including Bitcoin, continue to gain prominence under U.S. President Donald Trump‘s leadership. Trump has previously expressed support for cryptocurrency, calling himself the “crypto president.”
Ripple’s CEO, Brad Garlinghouse, emphasized that the U.S. market is now more accessible, especially after the end of the regulatory uncertainty under the former SEC leadership. He noted that the market is evolving to better serve traditional financial needs.
Prime brokers, like Hidden Road, play a critical role in managing operations such as clearing, securities lending, and executing leveraged trades. These services are particularly valuable to large hedge funds and institutional investors. Hidden Road currently clears $3 trillion annually across various markets, serving over 300 institutional clients. The acquisition will help Hidden Road expand dramatically, positioning it as the largest non-bank prime broker globally, thanks to Ripple’s financial backing.
The deal also means Ripple will become the first cryptocurrency company to own and operate a global multi-asset prime broker, with the transaction expected to close in the coming months. Additionally, Ripple’s USD stablecoin, RLUSD, will play a key role in Hidden Road’s operations, as it is used as collateral across the firm’s prime brokerage services.
Ripple launched RLUSD last year as part of its efforts to challenge the dominance of other stablecoins, such as Tether and USD Coin.
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