Ripple offered between $4 billion and $5 billion to acquire Circle, the firm behind the USDC stablecoin. The offer was rejected.
According to a Bloomberg report published on April 30, the bid was not accepted because the amount was considered too low. Ripple has not announced a new offer.
The rejected Ripple $5B bid came shortly after Circle applied for a public listing in the United States.
Circle filed for an IPO less than a month before the acquisition attempt. This filing indicated that Circle preferred going public over being acquired.
Neither Ripple nor Circle provided public comments regarding the rejected deal. No additional details were disclosed by either company.
Ripple Hidden Road Deal Preceded Circle Offer
Earlier in April, Ripple completed the purchase of prime broker Hidden Road for about $1.2 billion.
The company said the Ripple Hidden Road deal would help expand activity across XRP Ledger and improve access to XRP. This acquisition was one of Ripple’s largest moves since facing legal pressure from U.S. regulators.
The Ripple Circle acquisition attempt followed this Hidden Road purchase. Ripple was valued at around $11 billion in 2024.
However, CEO Brad Garlinghouse said that estimate was “outdated” as of January. No updated valuation has been shared since then.
Circle is known for issuing the USDC stablecoin. The token has kept a market supply ranging from $23 billion to $30 billion in recent months.
It remains the second-largest stablecoin by circulation, following Tether’s USDT.
Circle USDC IPO May Have Affected Decision
The Circle USDC IPO filing likely played a role in rejecting the Ripple $5B bid. Circle submitted the IPO application in the U.S. before the takeover attempt.
The firm had earlier tried to go public through a merger with Concord Acquisition Corp in 2022, but that plan was later canceled.
Circle has not disclosed detailed financials. However, industry sources estimated the company’s yearly revenue to be over $300 million.
Filing for an IPO indicates the company may seek a higher valuation than Ripple’s offer.
Ripple has not shared whether it plans to make another offer to acquire Circle. No signs of renewed negotiations have surfaced since the initial rejection.
Ripple SEC Case Settles As Trump Ties Emerge
Ripple’s ongoing legal battle with the U.S. Securities and Exchange Commission is moving toward closure. In August 2024, a U.S. court ruled Ripple was liable for $125 million.
By March 2025, the SEC dropped its appeal. Ripple later agreed to pay a net sum of $50 million to settle the case.
This update followed private meetings between Ripple executives and U.S. President Donald Trump. CEO Brad Garlinghouse and legal chief Stuart Alderoty attended Trump’s inauguration on January 20 as invited guests.
Ripple also donated $5 million to Trump’s inauguration fund after his 2024 election win.
The Ripple SEC case was one of the longest-running regulatory disputes in the crypto sector.
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