Ripple Raises $200 Million From Neuberger Berman to Scale Institutional Prime Brokerage
Ripple has secured a $200 million asset-based debt facility from Neuberger Berman, the firm announced on May 11, expanding its Ripple Prime institutional brokerage platform. Ripple Prime’s revenue has tripled over the past year.
The facility will fund margin lending across both cryptocurrency and traditional financial assets, positioning XRP alongside Bitcoin (BTC) as eligible collateral.
What the Ripple Prime Debt Facility Covers
Ripple is a San Francisco-based blockchain payments company that operates a global cross-border settlement network and issues XRP (XRP). Its Ripple Prime division targets institutional clients seeking brokerage, custody, and lending services across digital and traditional assets.
The $200 million facility is structured as an asset-based credit line, meaning borrowing capacity is tied directly to the value of collateral Ripple Prime holds on behalf of clients.
Ripple Prime CEO Mike Higgins said the capital would allow the firm to extend margin services to institutional counterparties at greater scale. Higgins said XRP is set to serve as collateral alongside Bitcoin, a signal of the token’s growing role in institutional finance workflows.
The facility comes from Neuberger Berman, a privately held global investment manager with approximately $500 billion in assets under management.
The firm’s decision to provide an asset-based credit line to a cryptocurrency prime brokerage marks an expansion of its digital asset exposure beyond equity and fund positions.
Background
C1 Fund Inc. (CFND), a publicly listed investment vehicle, disclosed in its full-year 2025 results filing that it had partially divested its Ripple position for $422,100, generating a return of approximately 150% in less than four years. That disclosure provided additional context for Ripple’s institutional investor base at the moment the Prime facility was announced.
Ripple has spent the past two years broadening its financial services footprint beyond XRP payments.
The company acquired crypto-friendly prime broker Hidden Road in early 2025, which gave Ripple Prime its clearing and credit infrastructure. The Neuberger Berman facility builds on that foundation, adding a dedicated credit line to support margin demand from institutional clients.
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What Comes Next
Ripple Prime competes with institutional desks at Coinbase (COIN) and Genesis-successor firms for the growing market in crypto prime brokerage.
The tripling of revenue over one year, combined with a nine-figure credit line, suggests Ripple Prime is moving from a startup division to a scaled operation. Regulators will watch closely how XRP’s use as collateral is documented, given the token’s past securities litigation in the United States.
The case between Ripple and the SEC formally concluded in 2024, clearing XRP for U.S. institutional use. Demand for crypto margin lending tends to accelerate in bull markets, making the timing of this facility notable.
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