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Market News With a $285 Million Share Buyback Planned, Ripple Values The Company At $11.3 Billion

With a $285 Million Share Buyback Planned, Ripple Values The Company At $11.3 Billion

The firm that created XRP, Ripple, is repurchasing $285 million worth of shares from its original backers and staff members in order to offset market volatility and regulatory obstacles.

TOP1 Markets Analyst

2024-01-11

8529

The business that created XRP, Ripple, plans to repurchase $285 million worth of shares from its original investors and staff, according to CryptoPotato. Investors might sell up to 6% of their ownership in the firm, valued at $11.3 billion, under the terms of the tender offer. In a statement confirming the development, Ripple said it will repurchase $500 million, paying for the restricted stock units' conversion expenses as well as taxes.

In response to questions about U.S. regulations, Ripple CEO Brad Garlinghouse made it clear that the business does not intend to go public anytime soon. He went on to say that such share buybacks will happen often in the future in order to provide liquidity for investors. The majority of the value on Ripple's financial sheet, which is approximately $26 billion, is made up of XRP cryptocurrency units. CoinGecko estimates that XRP has a $31 billion market valuation.

After Ripple won its action against market authorities in March and the court determined that XRP is not a securities, the asset's value almost doubled. Since then, though, all of its gains have been reversed. Although Ripple's growth has been difficult due to the SEC case, Garlinghouse said that 95% of the company's clients are financial institutions outside of the US. The CEO withheld information on the scale of Ripple's payments division.