Ripple has announced plans to acquire multi-asset prime broker Hidden Road in a $1.25 billion deal, marking one of the largest acquisitions by a cryptocurrency company to date.
The transaction underscores Ripple’s ambition to expand beyond blockchain payments and into the broader world of institutional finance.
This is the second billion-dollar-plus acquisition by a crypto firm in 2025, reflecting renewed optimism in the digital asset industry as Bitcoin and other cryptocurrencies gain traction under U.S. President Donald Trump, who has pledged to be the “crypto president.”
“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 in a statement.
Prime brokers play a crucial role in financial markets by handling clearing, securities lending, and executing leveraged trades for hedge funds and institutional investors.
Hidden Road currently clears around $3 trillion annually across various markets and serves more than 300 institutional clients.
Ripple said the acquisition will enable Hidden Road to scale rapidly with the company’s financial backing, positioning it to become the world’s largest non-bank prime broker.
Following the deal, Ripple will become the only crypto company to own and operate a global, multi-asset prime brokerage platform.
The acquisition is also expected to strengthen the utility of Ripple USD (RLUSD), the company’s U.S. dollar–pegged stablecoin launched last year.
Hidden Road already uses RLUSD as collateral within its prime brokerage services, a move Ripple says will enhance liquidity and integration across both firms’ offerings.
The deal is expected to close in the coming months, pending customary regulatory approvals. Once completed, it will significantly expand Ripple’s footprint beyond digital payments and into traditional financial infrastructure.