Ripple won the fight—now it’s ghosting Wall Street despite a $40B IPO valuation

After defeating the US Securities and Exchange Commission over status XRP, Rippling made a mysterious move: he is in no rush to publish.

Instead, the company remains private. This choice says more about the uneasy connection between crypto firms and public markets than Ripple’s finances.

In July 2023 court ruled XRP was not a security when sold on public exchanges. The landmark victory cleared what many saw as the last major hurdle to an initial public offering.

After years of litigation, Ripple has been vindicated. By standard metrics, this was when a startup would make money, reward backers, tap capital markets, and go public.

But Ripple refused. This month, the company confirmed it has “no plan, no timeline” for an IPO. President Monica Long emphasized that Ripple has roughly $500 million in funding and a private valuation of nearly $40 billion. He believes that Ripple does not need public markets to grow.

This choice sets Ripple apart from other crypto firms that have gone public and paid a price.

Coinbase, Robinhood and IPO cautionary tales

Coinbase Direct enrollment in 2021 was considered a milestone for cryptocurrencies. For a while it looked like success. However, even as the broader crypto market gained momentum in 2025, Coinbase stock lagged behind, falling around 30% earlier this year. This disconnect raises doubts about the ability of public markets to value crypto-native firms.

Robinhoodthe main US crypto trading platform, faced similar problems. Its IPO in 2021 did not stabilize the stock. Market cycles, trading slumps and regulatory issues disrupted performance. Both companies have garnered short-term attention but long-term volatility.

Ripple’s choice to remain private avoids this. Staying out of the public markets protects it from fluctuating profits and pressure from equity investors unfamiliar with cryptocurrencies.

The quarterly conveyor belt is brutal even for established companies. Crypto companies with volatile returns and regulatory risk are at particular risk.

Ripple also holds a huge amount of XRP and relies heavily on its ecosystem. A public listing could create tension between token holders and equity investors, as seen elsewhere.

Equity holders can force Ripple to monetize its XRP reserves or change its value proposition. Staying private preserves flexibility and protects token management from public scrutiny.

Regulatory uncertainty remains. Ripple wins over the SEC, but the broader regulatory battle continues. The SEC is pursuing more cryptocurrency cases, and Congress lacks unified legislation. Going public could mean more disclosure and regulatory scrutiny. Staying private gives Ripple room to maneuver.

Most importantly, Ripple does not need money. A $500 million raise at a $40 billion valuation means there will be no liquidity shortfall. Private equity allows Ripple to scale without involving public investors or changing internal management.

Deeper Tensions Between Crypto and Public Markets

Ripple’s hesitation reveals an uncomfortable truth: public markets are not built for crypto-native companies. Traditional investors seek predictable profits, stable margins and clear regulation. Crypto firms ride in volatile cycles, use complex tokenomics and operate in changing legal zones.

This discrepancy matters. Public markets penalize companies when trading falls or regulation emerges, even if core growth remains strong. Crypto firms are not rewarded on fundamentals like tech companies. Instead, they react to market sentiment and token prices.

This means that the company’s core business, whether it involves enterprise blockchain services, escrow infrastructure or cross-border payments, can be overshadowed by token fluctuations or policy changes. In a private context, these risks are more easily managed. They are often magnified or misunderstood in a public context.

Expectations from token holders add to the complexity. Cryptocurrency users often act like shareholders without owning capital. They demand updates, align with projects, and object to perceived inconsistency.

Going public could force Ripple to strike a balance between stock markets and token communities, a rare feat that few companies have successfully achieved.

Ripple’s move is a deliberate delay, not a retreat. If it goes public, the landscape needs to change: clearer regulations, more informed investors and a stable macro environment. Until then, he will remain private to let Ripple steer its course.

The industry is clear: public listings are not guaranteed. Crypto firms must consider timing, governance and branding. With unconventional metrics and active communities, the bar for going public is higher.

Ripple beat the SEC. But the struggle for mainstream legitimacy and scaling remains. Avoiding Wall Street may prove to be the smarter move for now.