Ripple commits to buying back $285M worth of shares

The move will put the company at a valuation of $11 billion


Jievani/Shutterstock modified by Blockworks


Ripple plans to buy back $285 million of its shares, putting the company at a valuation of $11 billion.

Reuters first reported the news, citing unnamed sources. 

Ripple, when reached for comment, confirmed the buyback to Blockworks. 

“We are committing $500 [million] of cash from the balance sheet to convert RSUs and buy back shares – purchasing up to $285 [million] of equity and committing over $200 [million] to convert RSUs. This is at an equity valuation of over $11 [billion],” a Ripple spokesperson told Blockworks.

An RSU is a restricted stock unit.

Read more: XRP threatens to flip Binance’s cryptocurrency once and for all

CEO Brad Garlinghouse told Reuters that Ripple holds $1 billion in cash and $25 billion of crypto on its balance sheet. The crypto holdings are mostly XRP.

The news comes after the company was handed a partial win in the US Securities and Exchange Commission’s case against the company last year. 

A judge ruled that programmatic sales of the XRP token are not considered securities. However, the judge also ruled that the institutional sales did constitute securities offerings. 

The SEC then sought an interlocutory appeal at the end of last year, but was denied the request to seek such an appeal in October.

Last fall, the SEC dismissed charges against Garlinghouse and former Ripple executive Christian Larsen. The two faced charges of aiding and abetting securities laws violations in regards to sales of XRP.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Templates.png


ZKPs enable efficient offchain transaction processing and validation, resulting in increased throughput and reduced fees. Solana's ZK Compression leverages ZKPs to minimize onchain storage costs, while Sui's zkLogin streamlines user onboarding by replacing complex key management with familiar OAuth credentials.


The crypto asset manager lowered its planned fee from 0.25% to 0.15%, undercutting its competitors


Plus, a look at planned ETH ETF fees and how they differ from their BTC counterparts


North Korea suspected in breach of Indian exchange’s multisig wallet


Plus, Sanctum’s CLOUD token has officially launched — but not without problems


It’s not yet clear whether Donald Trump is pumping bitcoin. But an unofficial memecoin is still seeing benefit.