Despite the sharp decline in cryptocurrency prices this year, Ripple has doubled. The Crypto startup announced on Tuesday it will acquire multi-asset prime broker Hidden Road in a $1.25 billion deal.
This is when digital assets are making a comeback, marking only the cryptocurrency acquisitions of more than $200 million in 2025. Former US President Donald Trump, running for reelection, openly embraces the sector and brands himself as “crypto president.”
“The US market is now effectively open for the first time due to the regulatory overhang of the previous SEC, and the market is mature to address traditional financial needs,” said Ripple CEO Brad Garlinghouse.
Hidden Road is not a common name, but in the venue circle, it is a big player. The company clears over $3 trillion per year in various markets and serves clients from over 300 institutions. Prime brokers like Hidden Road typically help clear hedge funds and other large investors, lending securities and implementing trade.
For Ripple, the acquisition offers an opportunity to infiltrate traditional financial infrastructure. No other Crypto Company has ever achieved this scale. Once the transaction is closed, Ripple will become the sole cryptocurrency owned and operated global multi-asset prime brokers.
Ripple said Hidden Road will be able to use its capital to grow faster and faster, and will become the world’s largest non-bank prime broker.
“Ripple will be the only crypto company to own and operate a global multi-asset prime broker that is scheduled to close in the coming months,” Reuters reported.
The acquisition also boosts Ripple’s Stablecoin play. Hidden Road already uses Ripple’s Dollar Pegged Token, RLUSD, as collateral for the entire Prime Broker Service. Ripple launched RLUSD last year, competing in spaces dominated primarily by tethers and USD coins.
The transaction is expected to close in the coming months.
Founded in 2012 by Arthur Britt, Chris Larsen and Ryan Fuger, Ripple operates a real-time global payments network that allows banks and financial institutions to send money directly to each other. The company also offers Forex market production solutions that allow companies to access liquidity passing through their currency, either through their own internal trading desks or by entering the broader, competitive forex markets.
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