Ripple Prime secured a $200 million debt facility from Neuberger Berman's specialty finance arm to expand margin financing for institutional crypto trading. The platform's revenue has tripled since Ripple acquired Hidden Road for $1.25 billion last year.
Ripple Prime secured a $200 million debt facility from Neuberger Berman's specialty finance arm to expand margin financing for institutional crypto trading. The platform's revenue has tripled since Ripple acquired Hidden Road for $1.25 billion last year.
Ripple's prime brokerage unit announced Monday it closed a $200 million debt facility from Neuberger Specialty Finance, a division of Neuberger Berman, which manages approximately $570 billion in assets. The funding will expand margin capacity for institutional clients trading across traditional and digital asset markets.
Since acquiring prime broker Hidden Road for $1.25 billion in 2025 and rebranding it as Ripple Prime, the platform's revenue has tripled year over year. This is Ripple's latest institutional win — the company previously raised $500 million at a $40 billion valuation with backing from Fortress Investment Group and Citadel Securities, and acquired treasury-management firm GTreasury for $1 billion.
Neuberger Berman's entry into crypto prime brokerage financing signals that traditional asset managers are no longer just buying ETFs — they're building the plumbing. The move parallels similar institutional infrastructure plays from State Street (digital asset platform launched January 2026) and Standard Chartered (crypto prime brokerage plans announced December 2025).
When a $570B asset manager starts financing crypto margin, the infrastructure bet has already been made.
Most institutional crypto coverage focuses on ETF flows — but the real signal is who's building prime brokerage infrastructure. Neuberger Berman providing debt financing for crypto margin means they expect institutional trading volume to grow significantly enough to justify the credit risk. Combined with Ripple Prime's tripled revenue, this suggests institutional crypto trading is already much larger than ETF flow data alone captures. The Hidden Road acquisition at $1.25B is starting to look like a bargain.
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