Hidden Road Acquisition, Valuation, Funding & Investors

Hidden Road was acquired by Ripple for $1.3B in April 2025.

Hidden Road acquisition price

$1.3B

Acquired by Ripple · Apr 2025

Cumulative funding Hidden Road raised

$50M

across 1 funding round

Key investors in Hidden Road

  • Castle Island Ventures

Hidden Road Overview

About Hidden Road

Hidden Road is a London-headquartered prime brokerage and clearing network for institutional investors. The platform provides cross-margining across equities, fixed income, FX, and digital assets like Bitcoin and Ethereum. Hidden Road serves hedge funds and market makers with low-latency execution and custody solutions. Founded in 2018, the firm processes billions in daily volume from New York and Singapore offices.


Founded

2019

HQ

United KingdomLondon

Status

Acquired

Customer focus

B2B

Revenue model

Commission

Valuation

$1.3B (acquired Apr 2025)

Hidden Road Acquisition

Hidden Road was acquired by Ripple for $1.3B on 8 April 2025.

Before the acquisition Hidden Road had raised $50M across 1 funding round.

Hidden Road, founded in 2018 by Marc Asch, a former hedge fund executive from SAC Capital and Point72, operates as a non-bank prime broker providing institutions with clearing, prime brokerage, and financing services across foreign exchange, digital assets, derivatives, swaps, and fixed income, clearing roughly $3 trillion annually for over 300 clients in 2024. Ripple, a leading digital asset infrastructure provider for financial institutions with over a decade of experience and 60+ regulatory licenses, agreed to acquire Hidden Road for $1.25 billion on April 8, 2025, in one of the largest deals in the digital assets space, consisting mostly of cash plus XRP and stock. The strategic rationale centers on Ripple becoming the first crypto company to own and operate a global multi-asset prime broker, injecting billions in capital for scale, integrating RLUSD stablecoin for cross-margining between digital assets and traditional markets, and migrating post-trade activity to XRP Ledger to enhance institutional DeFi efficiency. Ripple, a prior Series B investor and customer of Hidden Road, leverages synergies in technology, risk management, and global footprint to expand institutional services amid growing demand. The deal closed on October 24, 2025, rebranding Hidden Road as Ripple Prime, with business tripling since announcement; Marc Asch remains CEO of Ripple Prime, reporting to Ripple CEO Brad Garlinghouse. FT Partners advised Hidden Road financially; closure was subject to regulatory approvals, fitting Ripple's acquisition spree including Metaco, Standard Custody, Rail, and GTreasury to bolster payments, custody, stablecoins, and treasury management. Hidden Road competes with FalconX and Coinbase Prime in crypto-friendly prime brokerage.

Hidden Road acquisition details
AcquirerDateTypePrice
8 Apr 2025Strategic M&A$1.3B

Hidden Road Funding History

Hidden Road has raised a total of $50M across 1 funding round.

Hidden Road funding rounds

Hidden Road funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2022Series ACastle Island Ventures (lead)$50MHidden Road Partners is a British Virgin Islands-based provider of a global credit network for institutional investors, enabling seamless access to traditional and digital markets through prime brokerage, clearing, and financing products. The platform, built on a modern technology stack, offers real-time risk management and seamless credit across venues, products, and asset classes, addressing issues in credit intermediation and prime brokerage caused by legacy technology, archaic workflows, and conflicts of interest. On July 7, 2022, Hidden Road closed a $50 million Series A funding round led by Castle Island Ventures, with participation from Citadel Securities, FTX Ventures, Uncorrelated Ventures, Greycroft, XBTO Humla Ventures, Wintermute, SLN Capital, Profluent Trading, Coinbase Ventures, and Corner Capital, among others. The company intends to use the proceeds to accelerate growth and expand operations. Hidden Road specializes in short-duration credit and financing opportunities for traditional and digital assets, positioning itself as a conflict-free alternative in the institutional credit space.

Who has invested in Hidden Road?

1 investor has backed Hidden Road across its funding rounds, including Castle Island Ventures.

Lead investors include Castle Island Ventures.


Hidden Road Investors

Investors in Hidden Road by funding rounds participated
InvestorHQRoundsRoleFirst check

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Hidden Road Competitors

Hidden Road competitors include listed companies like Edelweiss Financial Services, Oppenheimer Holdings and JM Financial, and private ones like Willow Wealth, Wildlife Partners and Public.

Public and private companies comparable to Hidden Road
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Willow WealthUnited StatesNew York City, NYPrivate$100M-$1.3B-
Edelweiss Financial ServicesIndiaIndiaPublicly listed$606M-$1.3B-
Oppenheimer HoldingsUnited StatesUnited StatesPublicly listed$1.6B$335M$1.2B-
JM FinancialIndiaIndiaPublicly listed$469M-$1.2B3.9x
Wildlife PartnersUnited StatesSan Antonio, TXPrivate$57M-$1.3B22.8x
PublicUnited StatesNew York City, NYPrivate--$1.2B-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Edelweiss Financial Services$606M-2.1x---
Oppenheimer Holdings$1.6B$335M0.7x-3.6x-
JM Financial$469M-2.6x3.9x--
Daishin Securities$731M-13.0x11.0x--
Monex Group$577M$189M2.7x3.1x8.2x28.9x
IIFL Capital Services$207M$55M2.6x-9.9x-
Berliner$366M$98M3.3x-12.3x-
İş Yatırım$34B$348M0.0x-3.1x-

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Common questions about Hidden Road

When was Hidden Road founded?Hidden Road was founded in 2019.
Where is Hidden Road headquartered?Hidden Road is headquartered in London, United Kingdom.
Is Hidden Road publicly listed?No, Hidden Road was acquired by Ripple in April 2025.
Who acquired Hidden Road?Hidden Road was acquired by Ripple in April 2025.
How much was Hidden Road acquired for?Hidden Road was acquired for $1.3B in April 2025.
How much funding has Hidden Road raised?Hidden Road has raised $50M across 1 funding round.
What was Hidden Road's last funding round?Hidden Road's last funding round was a $50M Series A in July 2022, led by Castle Island Ventures.
Who are Hidden Road's investors?Hidden Road's investors include Castle Island Ventures.
Which companies are comparable to Hidden Road?Companies comparable to Hidden Road include Willow Wealth, Edelweiss Financial Services, Oppenheimer Holdings, JM Financial, Wildlife Partners and Public.

See companies similar to Hidden Road

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