Indeed, SBI Holdings came to Ripple’s defense regarding the SEC lawsuit and later launched an On-Demand Liquidity (ODL) service with the company in Japan.Īfter the buyback, Ripple has $1 billion in cash in the bank and zero debt, according to Garlinghouse.
#Tetragon ripple series
Additionally, “the Series A and Series B are happy shareholders,” Garlinghouse pointed out. Ripple is leaving the Series A and B investments be-those shares weren’t tied to governance or dividends rights like the preferred stock from the Series C rounds, Garlinghouse says. Garlinghouse and Ripple have maintained that the SEC is “dead wrong” and accused the agency of attacking the entire U.S. It’s a lawsuit that could have wide implications on the crypto market. In 2020, the regulator sued Ripple, charging the company and its executives of selling $1.3 billion in unregistered securities due to the sale of XRP, a digital asset affiliated with the company that was once the second most popular cryptocurrency after Bitcoin. And so we decided to exercise that right,” Garlinghouse says.Īll of this comes amid Ripple’s ongoing-and heated-battle with the Securities and Exchange Commission. “We decided that this was a good use of capital and very accretive to other shareholders, in my judgment. After the buyback, Ripple is now valued at $15 billion-up from $10 billion from its Series C, according to the company.
Per the negotiated terms of the original agreement, Ripple paid those investors a 50% premium for those shares, he says (A Tetragon spokesperson says that the investment company also received accrued paid-in-kind dividends from Ripple). The crypto payments company has purchased all the preferred stock it sold in its Series C round, Ripple CEO Brad Garlinghouse told me in an interview yesterday afternoon.
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