Did XRP Holders Benefit from Ripple’s Buyback?
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On March 11, 2026, Ripple, the company behind the digital asset XRP (CRYPTO:XRP), launched a buyback program to purchase up to $750 million in its own shares. This buyback valued the company at $50 billion, about 25% higher than the $40 billion valuation set in November 2025.
However, during this time, XRP fell 30% to 40%, trading at $1.55 as of September 25, 2026—down roughly 16% for the year.
Ripple CEO Brad Garlinghouse made it clear in a video shared on September 24 that he does not identify solely as an XRP supporter. He indicated that he would even consider offering customers a stablecoin if it better served their needs. Given this context, the question arises: what benefits, if any, did XRP holders derive from Ripple’s buyback?
Ripple Bought Back Shares at a $50 Billion Valuation While XRP Fell
Ripple carried out the buyback as a tender offer, inviting its employees and early investors to sell back their shares until April. The $50 billion valuation marked an increase from the amount set in November, following a $500 million fundraising that involved affiliates of Citadel Securities and Fortress Investment Group.
Ripple has previously conducted share buybacks, including a $285 million repurchase at an $11 billion valuation in January 2024. A prior attempt to buy back $1 billion at a $40 billion valuation in late 2025 didn’t attract much interest, as many employees chose to keep their shares. However, the March buyback, which offered more attractive prices, aimed to draw more sellers.
The Buyback Paid Ripple’s Shareholders, Not XRP Holders
Ripple is a private company, meaning its shares are not traded on any public exchange. Only employees and investors listed on the company’s shareholder register could sell into the buyback. Those who chose to retain their shares now hold a slightly larger ownership stake in a company valued more than before.
For private companies like Ripple, buybacks offer a way for employees and early investors to cash out without going public and launching an initial public offering (IPO). Ripple has chosen this approach over an IPO, and because it doesn’t disclose public financial statements, outsiders can’t verify the revenue behind the $50 billion valuation.
In contrast, XRP holders are left out of this equation. The XRP token exists independently on the XRP Ledger, and it offers no voting rights, dividends, or claims on Ripple’s profits or equity.
Ripple’s Growth Businesses Run Without XRP
Ripple has aggressively expanded its business, spending approximately $2.45 billion on acquisitions in 2025. This included acquiring the prime brokerage Hidden Road for $1.25 billion, treasury software firm GTreasury for $1 billion, and payments firm Rail for $200 million. These businesses primarily serve customers using dollars and other currencies and can operate without any reliance on XRP.
Additionally, Ripple’s stablecoin, Ripple USD (RLUSD), has a circulation of about $2.4 billion. This stablecoin is pegged to the dollar and exists on both the XRP Ledger and Ethereum. Customers generally prefer RLUSD for its dollar equivalence, while transactions on the XRP Ledger incur minimal fees paid in XRP.
Furthermore, Ripple generates revenue by selling XRP from its reserves, which it can release from escrow at a rate of up to 1 billion XRP, equivalent to around $1.55 billion, each month. This practice increases the supply of XRP in circulation, meaning that demand must come from other buyers, such as spot XRP ETFs.
Did XRP Holders Get Anything From Ripple’s Buyback?
So, did XRP holders gain anything from Ripple’s buyback? The answer is no. The buyback primarily benefited employees and early investors who sold their shares at the $50 billion valuation. It also increased the ownership percentage for those who chose to remain shareholders. In contrast, XRP holders received no cash, shares, or representation in Ripple’s gains.
The outcome raises concerns that Ripple’s successes and XRP’s price may continue to diverge, as shown between November and March. For XRP to benefit from Ripple’s growth, the company might need to incorporate XRP as the settlement asset in its products or reveal customer transaction volumes involving XRP. Until then, those who invested in XRP at higher prices may have to wait for signs of upward movement.
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Sam Daodu is a crypto analyst and the editor of 24/7 Wall St.'s Crypto Desk, where he covers Bitcoin, XRP, Ethereum, Solana and the altcoins investors search for most. His work focuses on price levels, spot ETF flows, on-chain data and the regulatory decisions that move crypto markets, written so a first-time buyer and a seasoned trader can both use it.
Sam has written about crypto professionally since 2019 and has published more than 2,000 articles. Before joining 24/7 Wall St., he wrote for crypto media outlets and Web3 companies and ghostwrote for crypto founders and token launches. His analysis is syndicated on Yahoo Finance, MSN and AOL and has been cited by other crypto news sites. He also founded MacLabs Marketing, a content and personal branding agency for crypto founders and executives.
When he isn't reading charts, Sam is usually at the gym or watching One Piece, a series he maintains has better tokenomics than most altcoins.
