Ripple remains interested in a deal but hasn’t decided whether to make another offer, while Circle is focused on its initial public offering (IPO), Bloomberg Tax reported Wednesday (April 30), citing unnamed sources.
A Circle spokesperson told Bloomberg Tax: “We do not comment on market rumors. As we are currently in a quiet period with the SEC, we cannot comment further on our corporate financial plans. Our long-term goals remain the same.”
Ripple did not immediately reply to PYMNTS’ request for comment.
Ripple announced April 8 that it acquired prime brokerage Hidden Road for $1.25 billion, becoming the first cryptocurrency company to own and operate a multi-asset prime broker. The company said this is one of the largest-ever deals in the digital asset space.
“We are at an inflection point for the next phase of digital asset adoption — the U.S. market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” Ripple CEO Brad Garlinghouse said at the time in a press release. “With these tailwinds, we are continuing to pursue opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”
It was reported Saturday (April 26) that Ripple’s acquisition was part of an $8.2 billion wave of crypto deals that was kicked off by the cryptocurrency-friendly White House.
Altogether, crypto companies have reached 88 deals worth a total of $8.2 billion since the start of 2025 — almost triple the transaction value from 188 deals in the crypto sector in the entirety of 2024 — the Wall Street Journal reported Saturday, citing data from advisory firm Architect Partners.
It was reported April 1 that Circle had set its sights on an IPO amid the easing of crypto regulations. Previously, the company’s journey to the public market had been marked by regulatory hurdles.
However, it was reported April 4 that Circle was among the tech firms that were “watching the market” before going public due to the stock market fall and investor uncertainty caused by new U.S. tariffs.
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