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Ripple L1 Secondary
- Shares available via SPV (2/20 + 5% sub) at deep discount (likely < USD 110 PPS) to 5 most recent capital rounds (USD 125, 175, 250, 250, 300), sum of parts and listed comparables
- 5.5x PE, 1.5x Price/Sales, 3.4x EV/EBITDA, USD 14B 2025 rev, USD 5B 2025 net profit
- 8-9% yield from semi-annual share buybacks
- High 8x exit multiple in 2-3 years
- GP has sourced shares from VC funds at “end of life” and former employees w/ low cost stock looking for liquidity
- Secondary prices depressed recently as Ripple shares made up big part of bankrupt secondaries platform Linqto’s liquidation sales
- Min investment USD 1M, total size available: USD 25M
- GP confident it’ll get approval to buy secondary shares as it’s been on cap table since 2016 and owns >USD 400M of Ripple, w/ longstanding relations w/ top management
- Vertical tech stack allows Ripple to compete w/ fintechs/apps, digital banks, stablecoins, banks & fin instis, settlement standards & governance, settlement infra and messaging protocol