Ripple Prime CIV US BD HoldCo LLC is the intermediate holding company (HoldCo) for Hidden Road Partners CIV US LLC (“Ripple Prime US” or “the firm”), the U.S. operating subsidiary and SEC-registered broker-dealer / CFTC-registered FCM. The HoldCo is ultimately owned by Ripple Labs, Inc. (“Ripple”), which acquired Ripple Prime (dba Ripple Prime) in late-2025 for $1.3 billion. Although founded in 2018, rapid balance sheet growth, notably in rates finance, occurred in 2025 following a significant capital infusion from the parent.
The firm launched its exchange-traded derivatives (ETD) business in 2024, providing clearing and credit intermediation services, and expanded similar services into fixed income repo in 2025 focused on short-duration UST and agency securities. Ripple Prime US operates a matched-principal model with no proprietary trading or market-making.
The broader Ripple Prime platform is a global, multi-entity prime brokerage (PB)…
Log in or Sign up for free access to this report.
KBRA is a global full-service rating agency with a mission to set a standard of excellence and integrity. Established in 2010, KBRA remains dedicated to the restoration of trust in credit ratings by creating new standards for assessing risk and by offering timely and transparent ratings. KBRA provides market participants with an alternative solution by delivering in-depth research across various sectors within the United States and European markets. We strive to provide the investment community with the products and tools needed to make informed investment decisions.