Ripple CEO opens door to IPO as revenue targets $1 billion

Ripple Labs CEO Brad Garlinghouse said the blockchain payments firm is "more neutral" on a potential initial public offering, as the company targets $1 billion in annualized revenue run rate by the end of 2026.

"We have been very happily private for a long time… But we are more neutral now on the topic," Garlinghouse said at the Wyoming Blockchain Symposium on August 18.

Garlinghouse expects Ripple to more than double revenue year-over-year despite a broader bearish crypto market. The company's acquired platforms — Hidden Road and GTreasury — processed roughly $16 trillion in combined annual transaction volume, comparable to Visa's scale. Only 0.1 percent of that, about $16 billion, currently runs on-chain.

Ripple holds an equity value of approximately $50 billion after launching a $750 million share buyback, and holds 34.144 billion XRP in escrow valued at around $34.14 billion. Any move toward an IPO could have direct implications for XRP's price outlook.

Over the past year, Ripple completed nearly $2.5 billion in acquisitions and conducted about $3 billion in shareholder tender offers across the past two years. Garlinghouse said he anticipates further consolidation and larger deals during the crypto winter.

Hidden Road, now part of Ripple Prime, processed $3 trillion in transactions last year, while GTreasury, known as Ripple Treasury, cleared about $13 trillion in 2025. Garlinghouse noted that shifting portions of this activity onto the XRP Ledger could deliver meaningful improvements in speed, cost, and settlement.

Regulatory tailwinds and the CLARITY Act

On the regulatory front, Garlinghouse said Ripple holds 75 licenses worldwide and reiterated the federal court finding that XRP itself is not a security. He expressed optimism about the CLARITY Act, citing support from Senators Tim Scott, Cynthia Lummis, and White House crypto advisor Patrick Witt, despite roadblocks over ethics provisions.

Garlinghouse also gave Kraken a shoutout for its strong revenue despite being a private company, noting the exchange diversified beyond retail and crypto-only offerings. Kraken has already filed with the SEC for its own IPO.

Ripple raised $500 million in November 2025, led by Fortress Investment Group, at a $40 billion valuation — before the subsequent $50 billion equity valuation from the share buyback. A public listing would mark a significant milestone for the crypto industry, potentially attracting institutional investors and confirming the legitimate payment use case of blockchain companies.

This article is for informational purposes only and does not constitute investment advice.