Ripple has launched a share buyback worth up to $750 million that values the company at $50 billion, a source with direct knowledge of the matter told The Block.
The blockchain payments firm plans to repurchase shares from investors and employees through a tender offer expected to run through April, the source added. Bloomberg first reported the news.
The new tender offer follows an earlier reported attempt to buy back $1 billion of shares at a $40 billion valuation last October, which saw limited participation as private holders were reluctant to sell their stakes.
Ripple last raised $500 million in a strategic funding round at a $40 billion valuation in November. The round was led by funds affiliated with Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
Ripple has no plans to pursue an initial public offering or IPO, Ripple president Monica Long said earlier this year, noting the company's strong financial position and preference for expanding privately through acquisitions and product development.
Ripple has spent billions on acquisitions to expand beyond its core payments business. Last year, for instance, the company acquired prime brokerage Hidden Road for about $1.25 billion and purchased stablecoin platform Rail for $200 million. Ripple has said it has invested "approximately $4 billion into the crypto ecosystem" through investments, mergers, and acquisitions.
Earlier this week, Ripple said it plans to acquire BC Payments to secure an Australian Financial Services License as it seeks to expand its presence in the Asia-Pacific region.
Ripple's buyback offer comes during a challenging period for the crypto market. Bitcoin has fallen more than 40% from its October peak, while XRP, the cryptocurrency closely associated with Ripple, has dropped by more than 50% over the same period.
Earlier this month, Ripple said it has processed more than $100 billion in payment volume as it sees strong adoption among fintech firms worldwide using stablecoins to address cross-border liquidity and settlement inefficiencies.
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