In a powerful show of confidence in crypto’s future, Ripple has announced its acquisition of prime brokerage firm Hidden Road in a landmark $1.25 billion deal. Despite the recent volatility in digital asset prices, this move positions Ripple as a serious contender in traditional financial markets—marking one of the crypto industry’s biggest deals of 2025.
This acquisition is only the second billion-dollar crypto buyout this year. It also comes at a moment when digital assets are gaining new momentum, aided by changing political winds. Former U.S. President Donald Trump, currently on the campaign trail, has been vocal in his support of the sector—proudly labeling himself the “crypto president.”
Ripple’s CEO Brad Garlinghouse pointed to a regulatory shift in the U.S. as a key reason behind the timing of the acquisition.
“For the first time, the U.S. market is genuinely open for business again,” Garlinghouse said. “With the regulatory roadblocks of the old SEC era behind us, the market is now mature enough to meet the needs of institutional finance.”
Why Ripple’s Acquisition of Hidden Road Is a Game Changer
Hidden Road might not be a household name, but in the world of institutional finance, it holds significant weight. The firm clears over $3 trillion in transactions annually and serves more than 300 institutional clients worldwide. Prime brokers like Hidden Road provide essential services such as clearing, securities lending, and trade execution—functions that support hedge funds and large-scale investors.
With this deal, Ripple becomes the first crypto-native company to own and operate a global multi-asset prime broker—an unprecedented move in the crypto space.
Ripple believes that by injecting its capital and infrastructure into Hidden Road, the brokerage can scale rapidly to become the largest non-bank prime broker globally.
Strategic Impact: Ripple’s Push Into Traditional Finance
This deal gives Ripple a strategic foothold in traditional financial infrastructure—something no other crypto firm has achieved at this scale. The acquisition not only strengthens Ripple’s institutional offering but also gives it a clear edge in providing end-to-end financial services across digital and fiat markets.
Reuters noted, “Ripple will also become the only crypto company to own and operate a global multi-asset prime broker due to the deal, which is expected to close in the coming months.”
Boosting Ripple’s Stablecoin Ambitions
The acquisition also accelerates Ripple’s ambitions in the stablecoin market. Hidden Road already uses RLUSD—Ripple’s dollar-pegged stablecoin—as collateral for its brokerage services. Ripple launched RLUSD in 2024 to challenge dominant players like Tether and USD Coin.
With Hidden Road now under its umbrella, Ripple will have an in-built channel to expand the utility and adoption of RLUSD across institutional finance.
