According to CryptoPotato, Ripple, the company behind the cryptocurrency XRP, is planning a $285 million share buyback from its earliest investors and employees.

According to CryptoPotato, Ripple, the company behind the cryptocurrency $XRP is planning a $285 million share buyback from its earliest investors and employees. The tender offer would value the company at $11.3 billion and allow investors to sell up to 6% of their stake. Ripple confirmed the news, stating it would spend $500 million on the buyback, covering both taxes and conversion costs on restricted stock units.Ripple CEO Brad Garlinghouse clarified that the company has no plans to go public soon due to U.S. regulatory uncertainty. He added that similar share buybacks will become a common occurrence going forward to create investor liquidity. Ripple’s balance sheet is currently worth over $26 billion, mostly comprised of units of its cryptocurrency XRP. XRP’s total market cap is roughly $31 billion, according to CoinGecko.The asset nearly doubled in value after Ripple won its lawsuit against market regulators in March, with the court ruling that XRP is not a security. However, it has retraced all of its gains since then. Garlinghouse said that growing in the headwinds of the SEC lawsuit was a challenge, but 95% of Ripple's customers are non-US financial institutions. The CEO did not disclose the size of Ripple’s payments business.#BTC #etf #XRPBullRun #DYOR🟢. $XRP $BTC