TLDR
- Ripple’s $5B offer to buy Circle was rejected.
- Circle is focused on its upcoming IPO.
- Ripple wants a bigger role in stablecoins.
- Ripple acquired Hidden Road for $1.25B.
- More crypto firms are planning IPOs.
Blockchain payments firm Ripple reportedly made a multibillion-dollar offer to acquire stablecoin issuer Circle Internet Financial Ltd, according to Bloomberg. The offer, which ranged between $4 billion and $5 billion, was ultimately rejected by Circle, with sources indicating it was considered too low. Ripple’s proposed acquisition aimed to expand its footprint in the growing stablecoin sector.
🚨 Circle Rejected Ripple Takeover Bid of $4-5B https://t.co/6VPRVN5hZx pic.twitter.com/mP3Ff6EEKU
— matthew sigel, recovering CFA (@matthew_sigel) April 30, 2025
Despite the rejection, Ripple has not ruled out the possibility of renewing its bid. Individuals familiar with the matter noted that Ripple remains interested in Circle, although no decision has been made on whether to submit another offer. The discussions are not public, and both companies have declined to comment further, citing regulatory and legal constraints. Meanwhile, Circle has confirmed it is in a quiet period due to its IPO process.
Circle Prioritizes Initial Public Offering
Circle recently filed for an initial public offering (IPO) in the United States. It has shifted its focus toward the public markets and is not engaging in acquisition talks. The Circle spokesperson stated that the company cannot discuss its corporate financial plans due to its quiet period with the Securities and Exchange Commission (SEC).
Investors have paid increased attention to the stablecoin market, particularly as regulatory clarity takes shape in the United States. Circle’s USDC stablecoin currently has a market capitalization of over $60 billion, making it one of the largest in the market. By comparison, Ripple’s RLUSD stablecoin, launched earlier this year, has a market value slightly above $300 million.
Ripple Pursues Strategic Expansion
The proposed acquisition attempt of Circle came shortly after Ripple completed another major deal in April. Ripple acquired Hidden Road, a multi-asset prime brokerage firm, for approximately $1.25 billion. The acquisition marked one of the largest in the digital assets space and is expected to expand Ripple’s infrastructure across foreign exchange, digital assets, and fixed income products.
Ripple has also been vocal about favorable changes in U.S. crypto regulations, which it says have opened new opportunities for digital asset firms. CEO Brad Garlinghouse referred to the evolving regulatory environment as a key driver for Ripple’s current expansion strategy. As the issuer of XRP and RLUSD, Ripple is positioning itself to compete more aggressively within the stablecoin and broader financial technology ecosystem.
With crypto markets showing renewed activity, several firms, including Circle, Gemini, BitGo, and Bullish Global, are considering public listings. The industry is undergoing structural changes as companies prepare for increased scrutiny and participation in traditional financial markets.
