XRP jumps 15% as Ripple's largest outside shareholder says the company could look to go public following a settlement with the SEC
XRP jumps 15% as Ripple’s largest outside shareholder says the company could look to go public following a settlement with the SEC
Ripple CEO Brad Garlinghouse. Ripple
XRP leaped 15% on Friday following a report that Ripple wants to go public. Ripple’s largest outside shareholder said it could go public after settling a lawsuit with the SEC. That shareholder is the Japanese financial giant SBI Group. See more stories on Insider’s business page . XRP , the digital asset used in Ripple Labs’ payment network, soared Friday after Ripple’s largest outside shareholder said the cryptocurrency company wanted to go public after wrapping up a legal dispute with the US securities regulator.
According to a Cointelegraph report , Yoshitaka Kitao, the CEO of the Japanese financial firm SBI Group, said on Wednesday that Ripple planned to become a public company after settling a lawsuit brought against it by the Securities and Exchange Commission.
On an earnings call, Kitao said Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen were planning to take the company public.
“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that,” Kitao was quoted as saying in Cointelegraph’s report.
XRP leaped 14%, to $1.61, on Friday. Its value has rocketed by nearly 650% since the start of 2021.
The SEC in December filed a lawsuit against Ripple Labs, Garlinghouse, and Larsen alleging that XRP was a $1.3 billion unregistered securities offering.
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