#BTC Ripple Labs has reinforced its market standing with a $285 million share buyback
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Ripple's financial position remains strong
Ripple's previous buyback
#RippleLabs , the cryptocurrency giant known for its XRPcoins, has announced a substantial buyback of its shares.
The company is set to repurchase $285 million worth of shares from early #investors and employees, according to anonymous two sources cited by Reuters in their Wednesday report. This tender offer propels Ripple's valuation to an impressive $11.3 billion.
Ripple's decision to buy back shares is a strategic move to strengthen investor confidence and assert its financial stability.
The #Buyback limits investors to selling only up to 6% of their stake. This restriction is a savvy approach to maintaining a balanced shareholder structure.
Ripple's financial position remains strong
#RippleCEO Brad Garlinghouse, emphasized the company's strong financial position, with over $1 billion in cash and $25 billion in crypto assets, primarily XRP.
Despite ongoing legal battles with the U.S. Securities and Exchange Commission, Ripple has demonstrated resilience and growth, recently acquiring Switzerland-based crypto custody firm Metaco for $250 million.
Ripple's previous buyback
Notably, this isn't Ripple's first foray into share buybacks. In early January 2022, the company had previously repurchased shares issued after securing $200 million in funding in 2019.
This earlier buyback, at a valuation of $15 billion, represented a significant increase from the $10 billion valuation at the time of the funding round.
The move not only underscored Ripple's strong market momentum but also suggested a hefty 50% profit for investors in just over two years.
