A recent filing with the US Securities and Exchange Commission reveals that Megacorn Fund LP’s investment in Ripple equity gained 62.4% by the end of 2025, underscoring a significant repricing in private markets for the fintech company.
Megacorn Fund’s Ripple position
According to the SEC filing, Megacorn Fund LP disclosed ownership of 2,704 shares in Ripple. The original cost basis for these shares was $229,840, while the fair value as of December 31, 2025, had risen to $373,179. This resulted in a paper gain of approximately $143,339 over roughly eight months.
The fund initially acquired its position in Ripple on April 16, 2024, and marked the value of its shares at $138.01 each at the close of 2025. The Ripple stake accounted for about 2.75% of Megacorn’s total partners’ capital, placing it among the fund’s notable fintech holdings.
Ripple, headquartered in San Francisco, is a blockchain-focused payments company known for developing solutions to facilitate cross-border money transfers for banks and financial institutions.
Megacorn Fund, a private investment partnership, also holds stakes in several leading late-stage private technology firms as part of its FinTech Software portfolio.
Mini dictionary: Megacorn Fund LP, a private investment fund that specializes in acquiring shares of high-growth private technology companies before they go public.
Portfolio comparisons
The filing also highlighted other significant positions in the fund’s portfolio. Megacorn valued its shares in the crypto exchange Kraken at $276,282, up from an initial investment of $168,683. Databricks, a data and artificial intelligence platform, was marked at $1.29 million against a $999,900 cost basis. Mercury saw a rise to $161,124 from $150,012, while Perplexity was reported at $511,436 compared to a $500,000 entry cost.
| Company | Cost Basis | Year-End Value | Unrealized Gain | % Gain |
|---|---|---|---|---|
| Ripple | $229,840 | $373,179 | $143,339 | 62.4% |
| Kraken | $168,683 | $276,282 | $107,599 | 63.8% |
| Databricks | $999,900 | $1,290,000 | $290,100 | 29.0% |
| Mercury | $150,012 | $161,124 | $11,112 | 7.4% |
| Perplexity | $500,000 | $511,436 | $11,436 | 2.3% |
Although Kraken recorded a slightly higher percentage gain, Ripple’s appreciation stood out as one of the strongest among its fintech peers in the latest report.
Ripple’s $40 billion valuation
Ripple’s marked value at year-end 2025 followed its $500 million strategic investment round in November, which set the company’s valuation at $40 billion. Fortress Investment Group and Citadel Securities led the funding, with participation from major blockchain investors including Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
Ripple reported that the new investment round followed a separate $1 billion tender offer at the same $40 billion valuation. The company described these transactions as evidence of growing institutional confidence, coinciding with an expansion into tokenized capital markets and broader opportunities connected to an $88 trillion tokenization sector.
Ripple completed a $500 million strategic investment round at a $40 billion valuation in November 2025, backed by major institutional investors including Fortress Investment Group, Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
Clarifications on Ripple equity and XRP
While Ripple’s valuation has drawn interest from investors, it is important to distinguish between Ripple’s private equity and holdings in the digital asset XRP. Ownership in Ripple refers to shares of the company itself, whereas XRP is a separate cryptocurrency utilized within some of the company’s payment solutions.
The current filing does not represent Ripple’s real-time market value. Private equity marks can vary widely among investment funds and on secondary trading platforms, making it challenging to pinpoint a definitive value outside of major funding events.
