Ripple announces stock buyback, nabs $15 billion valuation

Distributed ledger tech company Ripple has nabbed a $15 billion valuation after a private stock buy-back, the company said Monday. 

The company is repurchasing equity shares from investors in its Series C, which includes Tetragon, a company that unsuccessfully sued Ripple last year. At the time of the previous raise, Ripple's valuation stood at $10 billion. 

"The buyback places Ripple’s new valuation at $15B and reflects Ripple’s strong position in the market and global company momentum - Ripple’s global business has grown exponentially and 2021 was the company’s best year to date," the company said. The company says that its RippleNet platform has seen transactions double in 2021. It also signed Bhutan and Palau as CBDC clients. 

The move comes amid Ripple's ongoing legal battle with the SEC, which dates back to December 2020. The SEC accused Ripple of issuing and selling unregistered securities in the form of the digital asset XRP. 

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Anushree covers how U.S. businesses and corporations are moving into crypto. She has written about business and tech for Bloomberg, Newsweek, Insider, and others. Reach out on Twitter @anu__dave