Ripple to Buy Back Shares at a Valuation of $11.3 Billion
Ripple plans to buy back shares from its early investors for $285 million, valuing the fintech company at $11.3 billion. This information was made public by Reuters, citing informed sources.
According to the proposal, investors can sell up to 6% of their stake in the company. Ripple intends to spend $500 million on the entire buyback program, including the conversion of restricted securities into shares and related taxes.
Ripple CEO Brad Garlinghouse clarified that the company has $1 billion in cash and about $25 billion in digital assets, primarily in XRP.
Garlinghouse also ruled out the possibility of an IPO in the US due to regulatory uncertainty but promised to regularly conduct share buyback programs.
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