Ripple Acquires Prime Broker Hidden Road for $1.25 Billion
On April 8, 2025, Ripple announced its acquisition of multi-asset prime broker Hidden Road for $1.25 billion, marking one of the company's largest deals to date. This acquisition positions Ripple as the sole cryptocurrency firm to own and operate a global multi-asset prime brokerage, significantly expanding its service offerings to institutional clients. Hidden Road, known for clearing $3 trillion annually across various financial markets with over 300 institutional clients, is expected to leverage Ripple's resources to accelerate its growth and establish itself as the leading non-bank prime broker globally.
The deal comes amid a favorable shift in the U.S. regulatory landscape under President Donald Trump's administration, which has adopted a more supportive stance toward digital assets. Ripple CEO Brad Garlinghouse highlighted that the U.S. market is effectively open for the first time due to the easing of regulatory barriers, coupled with growing institutional interest in the cryptocurrency sector.
Furthermore, the acquisition enhances the utility of Ripple's U.S. dollar-pegged stablecoin, RLUSD, as Hidden Road utilizes this stablecoin as collateral across its prime brokerage products. This strategic move positions Ripple to compete more effectively with established stablecoin providers like Tether and USD Coin, potentially increasing RLUSD's adoption and integration within the financial ecosystem.
