Ripple has expanded its institutional offerings by completing its acquisition of prime brokerage firm Hidden Road for $1.25 billion. The transaction, finalized in October 2025, resulted in the rebranding of Hidden Road as Ripple Prime. Ripple claims this move makes it the first cryptocurrency company to own and operate a global, multi-asset prime broker.
Ripple Prime broadens institutional crypto market access
Hidden Road, which operated as a nonbank prime broker prior to the acquisition, cleared more than $3 trillion in assets annually for over 300 institutional clients. Ripple has integrated this business to bolster its position within the expanding crypto financial infrastructure sector.
Ripple Prime now offers multi-asset clearing, cross-margining, portfolio financing, and risk-based financing solutions across both traditional and digital financial markets. This comprehensive suite is intended to make it easier for institutional clients to interact with digital assets without relying on a patchwork of disconnected services.
Ripple’s institutional strategy now spans several lines of business, including cross-border payments, secure digital asset custody, stablecoin settlement through RLUSD, treasury services, and the new prime brokerage platform. Each plays a distinct role in supporting the full institutional trading lifecycle.
A central challenge for institutions has been the fragmented nature of the crypto market, where trading, custody, and liquidity can be siloed across different platforms. The prime brokerage model aims to simplify this by centralizing credit, execution, and settlement functions within a single infrastructure.
According to Ripple, the integration of Hidden Road’s capabilities with Ripple’s existing business lines will help drive institutional adoption of digital assets, especially XRP and RLUSD. The company sees this as an essential step to further blur the boundaries between traditional and digital financial markets.
Mini dictionary: Prime brokerage, a service in traditional finance, provides institutional investors with centralized clearing, financing, and settlement for multiple asset classes, streamlining access to various markets while minimizing operational complexity.
XRP price recovery and institutional activity
XRP has registered a notable rebound in recent weeks, although its upward momentum has slowed in September. The token began August trading near $1.10, advanced steadily through the month, and reached approximately $1.42 by September 6. During September 8 and 9, XRP briefly approached $1.44 before pulling back to the $1.35-$1.37 range in the following days. This still places XRP roughly 24% to 25% higher than its early August levels.
Market analysts have observed increased activity among major XRP holders, with data indicating that wallets containing between one and ten million XRP added a combined 642 million tokens during the rally from $1.00 to $1.70.
| Period | XRP Price Range | Change from Early August | Large Wallet Accumulation |
|---|---|---|---|
| Early August | $1.10 | – | – |
| Sept. 6 | $1.42 | +29% | 642 million XRP added (between $1.00 and $1.70) |
| Sept. 8-9 | $1.44 | +31% | – |
| Sept. 11-12 | $1.35-$1.37 | +24% to +25% | – |
A key driver of anticipated volatility centers on September 15, when the US Senate is expected to vote on the CLARITY Act. This legislation seeks to clarify the legal status of digital assets and delineate regulatory responsibilities between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
XRP’s evolving role within Ripple’s institutional strategy
Brad Garlinghouse, CEO of Ripple, has previously emphasized that XRP remains the company’s “North Star” and a core aspect of its mission. He highlighted that Ripple Payments, Prime, Treasury, Custody, and RLUSD are all structured to increase utility, trust, and liquidity for XRP and the XRP Ledger.
Ripple CEO Brad Garlinghouse stressed that XRP remains the “heartbeat” of the company, which is focused on delivering financial infrastructure through its suite of services.
While Ripple’s business has diversified with the launch of Prime brokerage and other services, RLUSD is now positioned as its main institutional asset for settlement and collateral. Despite the broader product base, XRP continues to feature prominently in Ripple’s institutional agenda.
Garlinghouse has reiterated that XRP’s role has not been diminished within Ripple’s evolving strategy. However, the introduction of a multi-asset platform means that XRP is no longer the sole digital asset at the core of institutional offerings, as clients can now access a range of assets through Ripple Prime.
The acquisition of Hidden Road reflects Ripple’s ongoing push to broaden its services across the financial infrastructure landscape. While XRP is no longer the exclusive focus, it remains integrated into Ripple’s wider ecosystem and institutional plans.
The evidence suggests Ripple is moving towards a wider financial infrastructure model while maintaining XRP as part of its multi-asset strategy.
