XRP may be down more than 60%, but Ripple’s financials look more promising than ever.

After reports emerged that the creators of XRP had hit a valuation of $50 billion by buying out employees and shareholders for $750 million, Ripple is now worth nearly twice as much as stablecoin giant Circle.

“They’re clearly in a better position than Circle,” Gregoire le Jeune, CEO of stablecoin startup Darika Labs, told DL News. “They have a large treasury and a crazy capacity today but need to be perceived as very cheap versus Tether.”

Ripple also isn’t exclusively a stablecoin company. After a slew of acquisitions in 2025, the company now offers prime brokerage services, crypto custody, and payment rails.

And with institutions and fintech firms taking a closer look at crypto, the outlook is certainly bullish.

“If you’re building a fintech company in 2026, the likelihood of you doing business with Ripple is very, very high,” Le Jeune said.

Ripple did not immediately respond for comment.

Ripple’s spending spree

Ripple has worked hard to distance itself from the XRP token amid a protracted legal battle with the US Securities and Exchange Commission that officially ended in 2025.

That doesn’t mean it hasn’t been useful for the firm over the years.

Ripple’s treasury as of March 2024 was worth a combined $27.5 billion, the majority of which was held in locked escrow. The company stopped reporting its XRP holdings in May 2025.

Since then, the company has been on a spending spree, scooping up smaller ventures for roughly $2.5 billion last year.

Now called Ripple Prime, the company acquired the prime brokerage Hidden Road, purchased a stablecoin infrastructure firm called Rail, a treasury management firm called GTreasury, and Palisade, a custody provider for crypto assets.

The acquisitions expand Ripple’s business lines and regulatory footprint through operating licenses worldwide.

This year, Ripple has already acquired two Australian companies to lean in on what Fiona Murray, the managing director of Ripple’s Asia Pacific business, called a “key market.”

Now, with more than 75 licenses and registrations worldwide, it’s emerging as a key player.

“Ripple is positioning itself as a conglomerate company à la Digital Coin Group with various sister businesses that could leverage its in-house technology,” Eliézer Ndinga, global head of research and founding venture partner at 21shares.

“Hence, why you’ve seen the recent acquisitions they made in the past.”

What revenue?

Buying out investors in the company for nearly $1 billion suggests Ripple is doing just fine.

Still, questions abound about the firm’s true performance.

“An easier proxy for valuation is gross revenue at the very least, which is a metric we can’t find for now to understand the nuances around Ripple valuation,” Ndinga said.

Likewise, separating company revenue from a gushing XRP wallet also muddies the financial picture.

How much does Ripple still rely on its token?

“As per the token, more details are needed to assess whether there is a link to the equity or revenue,” Ndinga added.

Ripple declined to comment on the valuation.

Liam Kelly is DL News’ Berlin-based DeFi correspondent. Have a tip? Get in touch at liam@dlnews.com.