In a landmark move for the digital asset space, blockchain firm Ripple has announced its largest acquisition to date: the purchase of prime brokerage giant Hidden Road for $1.25 billion. The deal represents a strategic push by Ripple to cement its place at the intersection of crypto and traditional finance.
A Strategic Leap Forward
Hidden Road, founded in 2018, is a global prime brokerage platform providing services across foreign exchange, digital assets, derivatives, and fixed income markets. With over $3 trillion in annual clearing volume and a client roster of more than 300 institutional investors—including top-tier hedge funds—Hidden Road is regarded as one of the most sophisticated prime brokers in the space.
Ripple’s acquisition of Hidden Road not only surpasses Stripe’s $1.1 billion purchase of Bridge, but also sets a new benchmark for M&A activity within the blockchain sector.
“This is a pivotal moment not just for Ripple, but for the entire digital asset ecosystem,” said Ripple CEO Brad Garlinghouse. “As crypto continues to merge with traditional financial markets, institutional-grade infrastructure becomes critical. This acquisition delivers just that.”
RLUSD to Power Prime Brokerage Products
Following the acquisition, Hidden Road is expected to integrate Ripple’s RLUSD stablecoin—launched in December 2024—as collateral within its suite of prime brokerage services. Collateral plays a key role in institutional trading, enabling hedge funds and asset managers to access leverage and execute complex strategies like derivatives trading and short selling.
“Collateral is the backbone of prime brokerage,” Garlinghouse noted. “RLUSD offers a fast, transparent, and stable alternative to traditional assets used in clearing and lending.”
A Deal Enabled by Market Momentum and Regulatory Clarity
The acquisition comes amid a shifting regulatory climate in the United States, which many in the crypto industry view as increasingly favorable following the re-election of President Donald Trump. Ripple also recently emerged victorious from a long-standing legal battle with the U.S. Securities and Exchange Commission (SEC), which dropped its case accusing Ripple of an unregistered securities offering.
Garlinghouse credited this new environment as a catalyst for the deal. “It’s much easier to make bold moves like this when you’re operating in a supportive regulatory framework,” he said. “We’re no longer fighting for survival—we’re planning for global dominance.”
Looking Ahead
The acquisition is pending regulatory approval, with Ripple expecting the deal to close by the third quarter of 2025. Once finalized, Ripple will fully integrate Hidden Road’s services into its broader ecosystem, aiming to offer a seamless institutional gateway between crypto and traditional markets.
With this move, Ripple not only secures a key foothold in the financial markets infrastructure space but also signals its intent to become a dominant player in global finance—where crypto, stablecoins, and traditional assets converge.
