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
Website
Status
Acquired
Customer focus
B2B
Revenue model
Commission
Valuation
$1.3B (acquired Apr 2025)
Sectors
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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 8 Apr 2025 | Strategic M&A | $1.3B |
Hidden Road Funding History
Hidden Road has raised a total of $50M across 1 funding round.
Hidden Road funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2022 | Series A | Castle Island Ventures (lead) | $50M | Hidden 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 1 Hidden Road investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialHidden 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.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $1.3B | - | ||
| Publicly listed | $606M | - | $1.3B | - | ||
| Publicly listed | $1.6B | $335M | $1.2B | - | ||
| Publicly listed | $469M | - | $1.2B | 3.9x | ||
| Private | $57M | - | $1.3B | 22.8x | ||
| Private | - | - | $1.2B | - |
Hidden Road Public Comps
Hidden Road is no longer listed, but its public comps include Edelweiss Financial Services, Oppenheimer Holdings, JM Financial, Daishin Securities, Monex Group, IIFL Capital Services, Berliner, İş Yatırım, Ho Chi Minh City Securities and Tokai Tokyo Financial Holdings.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $606M | - | 2.1x | - | - | - | |||
| $1.6B | $335M | 0.7x | - | 3.6x | - | |||
| $469M | - | 2.6x | 3.9x | - | - | |||
| $731M | - | 13.0x | 11.0x | - | - | |||
| $577M | $189M | 2.7x | 3.1x | 8.2x | 28.9x | |||
| $207M | $55M | 2.6x | - | 9.9x | - | |||
| $366M | $98M | 3.3x | - | 12.3x | - | |||
| $34B | $348M | 0.0x | - | 3.1x | - | |||
This data is available for Pro users. Sign up to see all Hidden Road competitors and their valuation data. Start Free Trial | ||||||||
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. |
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