Ripple CEO Brad Garlinghouse suggested that XRP holders could potentially receive “something special” if Ripple eventually goes public, while stressing that any such move is not an immediate priority for the company.
Speaking with Eleanor Terrett on the Crypto In America podcast at XRP Las Vegas, Garlinghouse addressed one of the more sensitive questions inside the XRP community: whether holders of the token should benefit more directly from the firm’s corporate success as the company’s valuation, acquisitions and institutional footprint continue to expand.
Garlinghouse Addresses XRP Holder Benefits
The exchange came after Terrett noted criticism that Ripple has become a major private-company success story while XRP holders remain economically separate from Ripple’s equity. Ripple, Garlinghouse said, was last valued at $50 billion in a share buyback, a figure that has intensified debate over whether the company’s growth should translate into a more direct benefit for the XRP community.
Asked whether the company had explored an XRP token buyback or another structure that would allow holders to share in Ripple’s wealth, Garlinghouse did not endorse a near-term mechanism. Instead, he framed the firm’s contribution as indirect but central: building products, infrastructure and partnerships that increase XRP’s utility, liquidity and trust.
“I hope XRP holders feel like they are benefiting from Ripple’s existence by virtue of what we’re doing to try to catalyze things within the XRP community,” Garlinghouse said. “Is there a scenario if and when Ripple goes public, would we do something special for people who hold XRP or something? Maybe. But I mean, that’s not in the immediate term.”
That “maybe” is likely to draw attention because it leaves open a possibility the company has rarely discussed publicly: a future IPO-related benefit tied to XRP ownership. Garlinghouse was careful, however, not to describe it as a plan, commitment or pending corporate action.
Ripple Still Not Rushing Toward An IPO
Garlinghouse also made clear that Ripple is not currently prioritizing a public listing. He pointed to recent crypto IPO performance as one reason the company is not in a hurry, citing BitGo and Gemini as examples of deals that “haven’t done particularly well,” and noting that Kraken has reportedly delayed its own listing plans.
“The long-term dynamic, you know, we have not prioritized going public for a whole bunch of reasons,” he said. “There’s benefits to being private. Like, I could get up here and kind of say whatever the hell I want to say.”
His remarks suggest that any special structure for XRP holders would depend on a much broader corporate decision that remains unresolved. Ripple may have the valuation and market profile of a company that could eventually test public markets, but Garlinghouse framed the IPO question as distant rather than imminent.
The discussion also touched on a recurring concern among parts of the XRP community: whether Ripple’s expansion into stablecoins, prime brokerage, treasury products and institutional infrastructure could dilute XRP’s role in the company’s strategy.
Garlinghouse rejected that reading. He argued that Ripple remains deeply aligned with XRP because the company is still the largest holder of the asset and has the strongest economic incentive to see it succeed.
“Today, Ripple is still the largest holder of XRP on the planet,” he said. “We are the most interested party in seeing XRP be successful. We will continue to be the most interested party in seeing XRP be successful.”
He added that Ripple’s strategy is designed around making XRP “the most useful digital asset,” “the most liquid digital asset” and “the most trusted digital asset.” In his telling, even initiatives that do not appear immediately connected to XRP can still serve that broader objective through a longer route.
“I don’t feel the need to constantly update the whole world about our strategy because to some degree that just informs people who want to compete against us,” Garlinghouse said. “We’re going to do things that may not at first blush make crystal clear sense. But I swear to you, even if it doesn’t have a direct line from point A to point B, point B being good for XRP, it may be point A to point B to point B to point C.”
That explanation appeared aimed at criticism around Ripple’s RLUSD stablecoin and broader institutional push. Garlinghouse’s argument is that Ripple’s corporate expansion is not a pivot away from XRP, but part of a larger effort to deepen institutional rails around the XRP Ledger and related liquidity.
Garlinghouse repeatedly emphasized his loyalty to the community, calling it the “XRP family” and saying he wants Ripple to make decisions that are good for that ecosystem. He pointed to acquisitions, external investments and support for digital asset treasury company Evernorth as examples of initiatives Ripple views through that lens.
“I freaking love the XRP family,” he said. “I want to do things that are good for the XRP community. It is a driving mission.”
At press time, XRP traded at $1.379.
Featured image created with DALL.E, chart from TradingView.com
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