Ripple Prime, the prime brokerage arm of Ripple, has closed an upsized $275 million private placement of senior unsecured notes, its debut debt offering, to fund its expanding US business.

The notes are due in 2031 with an 8.25% coupon and were assigned an investment-grade BBB rating by KBRA, with Piper Sandler leading the placement. Ripple Prime is the rebranded Hidden Road, the prime broker Ripple acquired in 2025 for $1.25 billion. Proceeds will go toward working capital and general corporate purposes.

The deal takes Ripple's debt financing to about $475 million in roughly three months, including a $200 million facility in May, as it leans into demand for multi-asset clearing, prime brokerage and financing.

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