Ripple announced Monday it closed a $200 million funding agreement with Neuberger Berman to expand the margin capacity offered to investors trading across traditional and digital asset markets through its prime-brokerage platform, Ripple Prime.
Market Context
The investment comes as institutional participation in cryptocurrency markets accelerates, driven by the Trump administration's push for more crypto-friendly regulations. Major financial institutions including State Street Corp. have announced digital-asset platforms this year, while Standard Chartered Plc has revealed plans to establish a prime brokerage for crypto trading. The broader trend toward institutional crypto adoption has created heightened demand for compliant, bank-grade trading infrastructure.
Analysis
The $200 million facility represents a significant vote of confidence from Neuberger Berman, which manages approximately $570 billion in total assets under management. Ripple acquired prime-brokerage firm Hidden Road for $1.25 billion in 2025 and rebranded it as Ripple Prime—a transaction that ranks among the largest deals in cryptocurrency industry history. Since that acquisition, Ripple Prime's revenue has tripled year over year, demonstrating strong traction with institutional clients seeking sophisticated margin financing solutions.
"Dependable access to financing and balance sheet strength are critical to institutional participants in today's dynamic markets," said Noel Kimmel, President of Ripple Prime. "This facility enables us to grow alongside our clients by delivering increased margin capacity, greater responsiveness, and improved capital efficiency."
Kimmel noted that Neuberger Specialty Finance brings deep expertise in asset-based finance and a strong understanding of Ripple Prime's services and business model. Peter Sterling, Head of Neuberger Specialty Finance, highlighted the platform's combination of fintech-grade technology with bank-level compliance and operational rigor.
Key Numbers
- $200 million funding facility secured from Neuberger Berman
- $1.25 billion: Amount Ripple paid to acquire Hidden Road in 2025, later rebranded as Ripple Prime
- $570 billion in total assets under management held by Neuberger Berman
- Revenue tripled year-over-year for Ripple Prime since acquisition
- Previous $500 million raise valued Ripple at $40 billion with backing from Fortress Investment Group and Citadel Securities
What to Watch
Watch for further expansion announcements from Ripple Prime as the firm scales its margin offerings. The integration of treasury-management capabilities following Ripple's $1 billion acquisition of GTreasury could create additional cross-selling opportunities. Monitor institutional flow into digital asset prime brokerage services as regulatory clarity improves under the current administration.
Analysts will track whether Ripple Prime can maintain its revenue growth trajectory and capture market share from traditional prime brokers entering the crypto space, including State Street and Standard Chartered.