In 2025 Ripple paid a disclosed $2.45 billion for three companies. It bought the prime broker Hidden Road for $1.25 billion, the treasury software firm GTreasury for $1 billion and the stablecoin payments firm Rail for $200 million. All three are now part of Ripple. Hidden Road runs as Ripple Prime and GTreasury as Ripple Treasury, and Rail's technology has gone into Ripple Payments. Ripple Prime has moved fastest. On 15 October 2026 it began offering institutions 24/7 perpetual swaps on more than 100 traditional-market references, and clients can post Ripple's RLUSD stablecoin as collateral.
The latest: what Ripple Prime has done in 2026
The prime brokerage is where the deals show up most in 2026.
- 15 October 2026: real-world asset perpetual swaps. Ripple said Ripple Prime now supports perpetual swaps on more than 100 reference markets. These cover equities, equity indices, ETFs, metals, energy and FX, and they are traded and settled 24/7. Ripple Prime trades them as principal. They track perpetual futures listed on a decentralised derivatives venue. Clients can post RLUSD as collateral and cross-margin these positions against other asset classes they hold at Ripple Prime. The product runs under Ripple Prime's British Virgin Islands licence, and Ripple says it plans to add other regions. It named the trading firm Virtu as an early client.
- 21 October 2026: a bank's caution. CoinDesk reported a client note from HSBC's head of digital assets research, Daragh Maher. He called the launch "evolutionary, not revolutionary" and said: "This is a rapidly growing market but not a very big one when compared to the Trad Fi markets they are tracking." Ripple has not said how much volume the product has traded.
- 6 October 2026: Brevan Howard. Ripple said Ripple Prime will provide multi-asset prime brokerage, clearing and financing to Brevan Howard funds. The release puts Brevan Howard's assets at about $35 billion.
- 19 August 2026: first debt raise. CoinDesk reported that Ripple Prime sold $275 million of senior unsecured notes in an upsized private placement. KBRA rated the notes BBB, which is investment grade. Ripple says the money goes to working capital and general corporate purposes as Ripple Prime expands its US clearing, prime brokerage and financing business.
The 2025 deals at a glance
| Deal (name today) | Announced | Price | Business |
|---|---|---|---|
| Hidden Road (Ripple Prime, closed 24 October 2025) | 8 April 2025 | $1.25 billion | Multi-asset prime brokerage, clearing, financing |
| Rail (folded into Ripple Payments) | 7 August 2025 | $200 million | Stablecoin payments, virtual accounts, back office |
| GTreasury (Ripple Treasury) | 16 October 2025 | $1 billion | Treasury management software |
| Palisade (part of Ripple Custody) | 3 November 2025 | Undisclosed | Wallet-as-a-service and custody |
The three disclosed prices add up to $2.45 billion. In its Rail announcement of August 2025, Ripple said it had invested more than $3 billion in acquisitions and strategic opportunities to date. That figure covers more than these deals.
Hidden Road, now Ripple Prime
Hidden Road offered clearing, prime brokerage and financing across FX, digital assets, derivatives, swaps and fixed income. The press release behind the April 2025 coverage said the firm cleared about $3 trillion a year for more than 300 institutional customers. The release also said Hidden Road would use RLUSD as collateral and move its post-trade activity onto the XRP Ledger.
The deal closed on 24 October 2025. Ripple then called itself "the first crypto company to own and operate a global, multi-asset prime broker." Ripple said Ripple Prime's business had grown threefold since the deal was announced. In August 2026, CoinDesk reported that the unit's revenue had "tripled year over year."
Rail, now part of Ripple Payments
Rail is a Toronto-based company that provides stablecoin payment rails, virtual accounts and back-office tools. When the deal was announced, Ripple forecast that Rail would handle more than 10% of global B2B stablecoin payments in 2025, a market it sized at $36 billion. It also said Rail had more than 12 banking partners. Ripple President Monica Long said: "Stablecoins are quickly becoming a cornerstone of modern finance." Ripple expected the deal to close in the fourth quarter of 2025.
GTreasury, now Ripple Treasury
GTreasury is based in Chicago and says it has more than 1,000 customers in 160 countries. At the announcement, Ripple named two things the combined company would offer corporate treasurers:
- access to the repo market through Hidden Road to earn higher returns on short-term holdings;
- real-time, 24/7 cross-border payments.
The release added that treasurers need to be equipped to manage stablecoins, tokenised deposits and other assets at scale. Ripple CEO Brad Garlinghouse said: "For too long, money has been stuck in slow, outdated payments systems and infrastructure."
The business has since been rebranded and the GTreasury name retired. On 6 January 2026, Ripple Treasury bought the Sydney firm Solvexia, which automates reconciliation and regulatory reporting, for an undisclosed price. On 1 April 2026 Ripple Treasury released its digital asset treasury management system worldwide. It shows RLUSD and XRP balances in the same account structure as cash, valued in real time. Ripple described 24/7 overnight repo yield as still to come. SVP Renaat Ver Eecke said: "Digital assets have arrived at the CFO's desk, and the question has shifted from whether to engage to how to do so."
Palisade, now part of Ripple Custody
On 3 November 2025, Ripple announced it had bought Palisade, a wallet and custody company. Palisade's product is wallet-as-a-service built on multi-party computation. Ripple is adding it to Ripple Custody and Ripple Payments, aimed at fintechs, crypto-native firms and corporates.
Ripple's deals side by side
Which companies did Ripple buy, what did each cost, and what is each one called now?
| Company bought | Announced | Price | Name today | Business | Latest in this article | Source |
|---|---|---|---|---|---|---|
| Hidden Road | 8 April 2025 (closed 24 October 2025) | $1.25 billion | Ripple Prime | Multi-asset prime brokerage, clearing, financing | $275 million of BBB-rated notes (19 August 2026); 24/7 perpetual swaps on more than 100 reference markets (15 October 2026) | |
| Rail | 7 August 2025 | $200 million | Folded into Ripple Payments | Stablecoin payments, virtual accounts, back office | Ripple expected the deal to close in the fourth quarter of 2025 | |
| GTreasury | 16 October 2025 | $1 billion | Ripple Treasury | Treasury management software | Bought Solvexia (6 January 2026); released its digital asset treasury system worldwide (1 April 2026) | |
| Palisade | 3 November 2025 | Undisclosed | Part of Ripple Custody | Wallet-as-a-service and custody | Being added to Ripple Custody and Ripple Payments | |
| Solvexia | 6 January 2026 | Undisclosed | Bought by Ripple Treasury | Reconciliation and regulatory reporting automation | Sydney firm; bought by Ripple Treasury rather than Ripple directly | |
| BC Payments | 10 March 2026 | Undisclosed | Not stated | Banking Circle subsidiary | Bought to obtain an Australian Financial Services Licence |
This table covers only the deals named in the article. It does not break down the more than $3 billion Ripple says it has spent on acquisitions and strategic opportunities, and it cannot show trading volumes, which Ripple does not publish for these businesses.
Deals since: Ripple's pace in 2026
At his November 2025 Swell conference, Garlinghouse said: "We'll probably slow down the acquisition binge in 2026." The 2026 deals have been smaller so far. Besides Solvexia, Ripple said on 10 March 2026 that it would buy BC Payments, a Banking Circle subsidiary, to obtain an Australian Financial Services Licence. The price was not disclosed.
Ripple's funding gives it room for more. On 5 November 2025 it announced a $500 million investment at a $40 billion valuation, led by funds affiliated with Fortress and Citadel Securities. In the same release it said it had completed six acquisitions in just over two years. CoinDesk reported a further $200 million from Neuberger Berman in May 2026 at the same valuation.
What this means for XRP and RLUSD
- The buyer is Ripple, not the XRP Ledger. Ripple Labs bought these companies. Their revenue goes to Ripple. It does not go to XRP holders.
- RLUSD is the most direct link. Ripple says RLUSD is used as collateral at Ripple Prime, in the new swaps, and as a balance type in Ripple Treasury. On 5 November 2025, Ripple said RLUSD had passed a $1 billion market capitalisation that week.
- XRP's role is less concrete. Ripple Treasury supports XRP balances. Ripple's October 2025 note on the Hidden Road close said its use of XRP would "complement" Ripple Prime, but it gave no figures. Ripple has not published data on whether the planned post-trade move to the XRP Ledger has happened.
- The legal background is settled. On 7 August 2025, the SEC and Ripple dismissed their appeals. That left in place the $125,035,150 civil penalty and the injunction on XRP sales to institutional investors.
- Bigger services mean bigger operating risk. Ripple now runs a leveraged prime brokerage that lends against collateral and trades as principal. That is a different risk profile from a payments software company, and it is one reason Ripple Prime's debt now carries a credit rating.
Most of the 2026 product and client detail comes from Ripple's own releases, and Ripple does not publish trading volumes for these businesses.
