Ripple Labs to Repurchase $285 Million Worth of Company Shares

According to Foresight News, Ripple Labs plans to repurchase $285 million worth of company shares from early investors and employees. This investment, also known as a tender offer, values the company at $11.3 billion. An insider added that investors can sell a maximum of 6% of their shares. Ripple Labs confirmed the tender offer and stated that it plans to spend $500 million on the proposed repurchase to cover the costs and taxes of converting restricted stock units into shares. Ripple CEO Brad Garlinghouse said the company expects to conduct more share buybacks regularly to provide liquidity for investors and has no plans to go public in the United States in the short term due to regulatory uncertainty. Ripple's balance sheet currently holds over $1 billion in cash and more than $25 billion in cryptocurrency, with the majority being XRP coins.