Ripple announced on Tuesday that it will pay $1.25 billion for London-based crypto prime brokerage firm Hidden Road Partners, marking a big step towards building out its institutional presence.  The all-cash deal, one of the biggest in the digital asset industry, is set to close later this year, subject to regulatory approval.

The program reflects Ripple’s shift to institutional clients through the offering of complete digital asset solutions in the form of trading, settlement, and credit, going beyond cross-border payments.

A Landmark Deal in a Maturing Market

According to Reuters, Ripple revealed on Tuesday that it will buy multi-asset prime broker Hidden Road for $1.25 billion, one of the company’s biggest purchases to date.  It is the second sale of over $1 billion in crypto in 2025, showing the increasing popularity of digital assets like Bitcoin under US President Donald Trump, who has professed to be the “crypto president.” 

“Hidden Road will leverage Ripple’s RLUSD stablecoin as collateral across its prime-brokerage products and move its post-trade activity to the XRP Ledger blockchain. Ripple also sees potential for the deal to optimize costs and liquidity in its cross-border payments service, Ripple Payments, and to provide custody to Hidden Road’s clients.”

Ledger Insights stated that Hidden Road provides prime brokerage services for foreign exchange and precious metals, but it is best known for its work with digital assets. In its $50 million investment in 2022, the majority of investors were cryptocurrency companies, with Citadel Securities being the sole exception. Commenting on the deal, the CEO of Ripple, Brad Garlinghouse, said:

“We are at an inflection point for the next phase of digital asset adoption – the US 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 is planning to add Hidden Road’s services to its Liquidity Hub and other enterprise products so that banks, hedge funds, and fintechs can better access global liquidity. Ledger Insights reports that the deal strengthens Ripple’s regulatory standing since Hidden Road is already registered with key financial regulators in the United States, the United Kingdom, and other jurisdictions.

Bridging the Traditional and Crypto Worlds

Hidden Road, founded in 2018, has expanded swiftly by assisting institutional clients with both foreign exchange and cryptocurrency trading. The company distinguishes itself by providing clearing and credit risk management services, which are sometimes a barrier for traditional investors accessing crypto markets. Hidden Road serves approximately 300 institutional clients and processes approximately $3 trillion in transactions annually through various markets. 

As reported by Bloomberg, Hidden Road has been looking to provide greater access to both cryptocurrency market makers and regular financial institutions. Ripple’s acquisition of Hidden Road will strengthen its position against leading companies like Coinbase and Galaxy Digital, both of which have expanded their institutional client offerings in recent years. The acquisition also responds to the increasing need for reliable, regulated crypto infrastructure after the legislative crackdowns of 2022 and 2023.

Conclusion

The acquisition is set to close in the latter part of 2025, pending approval from the regulators. Ripple confirmed that Hidden Road’s existing operations and management will be retained after the acquisition in order to achieve hassle-free continuity and preserve outstanding client relationships.

The deal highlights the growing nexus between traditional finance and digital assets, positioning Ripple as a leading player in both sectors.