Ripple will buy back $285 million worth of stock, valuing the company at $11 billion

2024-01-11 00:22:27BlockBeatsShare to:

XRP+0.93% ($0.5649)

BlockBeats news, on January 11, Reuters reported, citing two people familiar with the matter, that Ripple Labs will repurchase $285 million worth of company stock from early investors and employees. The investment, also known as a tender offer, values the company at $11.3 billion. One source added that investors would only be able to sell up to 6% of their shares. Ripple Labs confirmed the tender offer and said it plans to spend $500 million in the proposed buyback to cover the costs and taxes of converting the restricted stock units into shares. Ripple CEO Brad Garlinghouse said the company expects to conduct more share buybacks on a regular basis to provide liquidity to investors and has no plans to list in the United States in the short term due to regulatory uncertainty. Ripple currently holds more than $1 billion in cash and more than $25 billion worth of cryptocurrencies on its balance sheet, most of which is the XRP coin.

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Price	$0.5649 USD	Price Change (24h)	+0.93%	Trading Volume (24h)	$1,460,802,961.04 USD
Market Cap	$31,074,786,777.06 USD	Circulating Supply	56,706,436,160	Max Supply:	100,000,000,000

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