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XRP Ripple Prime enters the Wall Street leveraged ETF financing market to challenge traditional bank dominance
Ripple Prime officially enters the leveraged exchange-traded fund (ETF) financing market with a scale of more than US$256 billion, challenging major Wall Street banks. The move marks a further expansion of Ripple's presence in institutional financial services.
Ripple previously acquired Hidden Road, a global multi-asset master broker, for US$1.25 billion, and founded Ripple Prime on this basis. The division provides services such as institutional brokerage, derivatives financing and total income swaps. At the same time, Ripple has also expanded its partnership with alternative asset manager Brevan Howard. Despite increasing competition from Ripple Prime, major banks currently dominate the institutional financing space.
Deep into the field of leveraged ETF financing
According to a recent report from the Wall Street Journal, Ripple Prime has entered the financing business of leveraged ETFs. These investment products use derivatives to increase exposure to individual stocks and broader market indices. Data shows that a total of 593 leveraged ETFs are traded in the U.S. market, with total assets under management exceeding US$256 billion. Among them, 426 are only funds that provide leveraged exposure to individual stocks and constitute an important part of the market.
Large banks have long provided financing for major such products through total income swaps, charging fees while managing risks associated with underlying assets. Today, Ripple Prime is competing for similar transactions through its expanding prime brokerage business.
据报道，某只杠杆基金的融资成本为隔夜银行融资利率加上四个百分点。目前的融资成本约为 8%，而投资基金本身还收取约 1% 的管理费。
基于 12.5 亿美元收购后的服务扩展
Ripple 进入华尔街融资领域，紧随其后的是其对全球多资产主经纪商 Hidden Road 的 12.5 亿美元收购。该公司于 2025 年 4 月宣布达成协议，并于 2025 年 10 月完成交易。
收购完成后，Ripple 将 Hidden Road 更名为 Ripple Prime，建立了更广泛的机构经纪和融资业务。该平台提供涵盖外汇、衍生品、固定收益和数字资产的服务。
此外，Ripple Prime 于 2026 年 8 月推出了“Delta One”产品，将其服务范围扩展到机构总收益互换交易。该产品支持与美国上市股票、市场指数以及数字资产挂钩的互换合约。
这一扩张使 Ripple Prime 直接与提供杠杆投资产品融资的传统金融机构展开竞争。银行和券商历来凭借其庞大的交易和融资运营主导着这些交易。
10 月 6 日，Ripple 还扩大了与另类资产管理公司 Brevan Howard 的合作，加强了与机构投资者的关系。据报道，Brevan Howard 管理的资产规模约为 350 亿美元。
此次合作是 Ripple 更广泛机构扩张战略的一部分，其中包括主经纪业务、衍生品融资和数字资产服务。
Wall Street banks face growing competitive pressure
The leveraged ETF market provides financing opportunities for institutions offering swaps to investment funds seeking to amplify market exposure. Morningstar Direct data shows that of the 593 products traded nationwide, 426 are single-stock leveraged ETFs.
Financing providers generate income by arranging for borrowing costs and additional fees associated with them to be charged to funds. As a result, institutions that provide these services compete for the business of investment managers who operate leveraged strategies.
Meanwhile, despite Ripple Prime's entry into the industry, major Wall Street banks still retain the largest share of institutional financing. Ripple's brokerage arm has entered the market through its acquired infrastructure and Delta One financing services.
The company's expansion has also connected its institutional business with traditional financial products, beyond cryptocurrency transactions and blockchain payments. Its financing activities now include derivatives linked to stocks, indices and digital assets.
Ripple Prime's growing growth puts it among the established banks in the $256 billion leveraged ETF market. Its acquisition of Hidden Road and subsequent product launch provided infrastructure support for its entry into the institutional swap financing market.
