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

After defeating the US Securities and Exchange Commission on the status of XRP, Ripple made a shocking move: she is in no rush to go public.

Instead, the company remains private. This choice says more about the meeting of crypto companies and public markets than about Ripple’s finances.

In July 2023, the court ruled XRP was not a security when it was traded on public exchanges. This historic victory cleared what many saw as the last major hurdle before a public offering.

After years of litigation, Ripple emerged vindicated. By standard metrics, this was when a startup raised capital, rewarded backers, hit the capital markets, and went public.

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

This choice distinguishes Ripple from other crypto companies that have published and paid the price.

Coinbase, Robinhood, and the IPO cautionary tales

Coinbase The 2021 listing was seen as a milestone for crypto. For a while, it seemed like a success. However, even as the broader crypto market gained momentum in 2025, Coinbase’s stock lagged behind, falling about 30% earlier this year. This disconnect raises doubts about the ability of public markets to value crypto-native companies.

robinhooda large US crypto trading platform, faced similar problems. Its 2021 IPO did not stabilize the stock. Market cycles, business slumps and regulatory demands have eroded performance. Both companies have gained attention in the short term, but volatility in the long term.

Ripple’s choice to remain private avoids this. Staying out of the public markets protects you from the volatility of earnings and the pressure of equity investors who are not familiar with crypto.

The quarterly treadmill is brutal even for established businesses. Crypto businesses, with volatile revenues and regulatory exposure, are especially at risk.

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

Shareholders could push Ripple to monetize its XRP reserves or modify its value proposition. Staying private preserves flexibility and protects token management from public scrutiny.

Regulatory uncertainty remains. Ripple won against the SEC, but the broader regulatory battle continues. The SEC is pursuing other crypto 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 require cash. A $500 million increase to a $40 billion valuation means there won’t be a liquidity crunch. Private capital allows Ripple to scale without involving public investors or altering its internal governance.

A deeper tension between crypto and public markets

Ripple’s hesitation exposes an uncomfortable truth: public markets are not built for crypto-native companies. Traditional investors are looking for predictable earnings, stable margins and regulatory clarity. Crypto companies drive volatile cycles, employ complex tokenomics, and operate in changing legal zones.

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

This means that a company’s core business, whether it involves enterprise blockchain services, custody infrastructure, or cross-border payments, can be overshadowed by token volatility or policy changes. In a private context, those risks are easier to manage. In a public context, they are often exaggerated or misunderstood.

Expectations from token holders add complexity. Crypto users often act as shareholders without owning equity. They demand updates, align with projects, and object to perceived misalignment.

The public could force Ripple to balance between equity markets and token communities, a rare feat that few companies have successfully accomplished.

Ripple’s move is a deliberate delay, not a retreat. If it is public, the landscape must change: clearer regulations, more informed investors, and a stable macro environment. Until then, staying private allows Ripple to control its direction.

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

Ripple beats the SEC. But the struggle for mainstream legitimacy and scale remains. Dodging Wall Street, for now, may prove the smartest move.