Crypto NewsNewsBREAKING: Ripple Announces It Will Buy Back $285 Million in Shares from...

BREAKING: Ripple Announces It Will Buy Back $285 Million in Shares from Investors

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Ripple Labs is preparing to buy back $285 million worth of shares from early investors and employees, according to anonymous sources familiar with the matter.

The investment, also known as a tender offer, values the company at a staggering $11.3 billion.

However, investors were limited to selling only up to 6% of their shares.

Ripple confirmed the tender offer and announced that it plans to spend $500 million on the planned buyback. This spending is intended to cover taxes and costs of converting restricted stock units into shares.

CEO Brad Garlinghouse stated that Ripple expects to regularly buy back more shares to provide liquidity to investors. He also explained that the company has no immediate plans to go public in the United States due to regulatory uncertainty. Garlinghouse explained that Ripple currently holds over $1 billion in cash and over $25 billion in crypto, mainly XRP coins, on its balance sheet.

*This is not investment advice.


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