Yesterday Reuters reported that Ripple Labs is buying back $285 million worth of stock from early investors and employees, citing sources. The tender offer allows owners to sell up to 6% of their stake, valuing the company at $11.3 billion.
Ripple confirmed the buyback to Reuters with CEO Brad Garlinghouse stating that Ripple has $1 billion in cash and $25 billion in crypto, mostly XRP. He also confirmed there are no plans for an IPO any time soon because of U.S. regulatory uncertainty.
It is exceptionally unusual for a pre-IPO company to buy back its own shares. However, Ripple isn’t just any company. Few startups hold the quantity of assets that Ripple has.
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