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XRP MGM Fund LP disclosed Ripple's equity earnings: an increase of 62.4% at the end of 2025
Recent documents filed with the U.S. Securities and Exchange Commission (SEC) showed that as of the end of 2025, Megacorn Fund LP's equity in Ripple achieved a gain of 62.4%. This data highlights the significant re-pricing trend in the financial technology sector in the private equity market.
Details of MGM Fund's Ripple position
According to SEC disclosure documents, MGM Fund LP holds 2,704 shares of Ripple Corporation. The original cost base of these shares was US$229,840, and as of December 31, 2025, their fair value had increased to US$373,179. That means that over approximately eight months, the fund earned a paper gain of approximately $143,339.
The fund initially opened a position in Ripple shares on April 16, 2024, and marked the value per share at US$138.01 at the end of 2025. The Ripple investment accounts for approximately 2.75% of MGM's general partner capital and is one of the high-profile positions in its fintech portfolio.
San Francisco-based Ripple is a blockchain-focused payment company known for its development of solutions that facilitate cross-border money transfers by banks and financial institutions. As a private equity fund that focuses on acquiring stakes in high-growth private technology companies before technology companies go public, MGM also holds stakes in a number of leading late-stage private technology companies in its fintech software portfolio.
Comparative Analysis of Investment Portfolio
The document also highlights other important positions in the fund's portfolio. The following are the changes in the value of some major positions:
Although Kraken recorded slightly higher yields, Ripple's value-added performance remains one of the strongest among its fintech peers in the latest report.
Ripple's valuation reaches US$40 billion
Ripple's signature value at the end of 2025 follows the US$500 million strategic financing round it completed in November, which sets the company's valuation at US$40 billion. Fortress Investment Group and Citadel Securities led the round of funding, and major blockchain investors such as Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace also participated.
Ripple said the new investment round was completed following another $1 billion tender offer at the same $40 billion valuation. The company described the transactions as evidence of growing institutional confidence, which is consistent with the company's opportunities to enter the tokenized capital markets and expand into the broader $88 trillion tokenization space.
Clarification on Ripple's Equity and XRP
Although Ripple's valuation has attracted investors 'interest, it is important to distinguish between Ripple's private equity and its digital asset XRP position. Owning a stake in Ripple means owning a stake in the company itself, while XRP is a stand-alone cryptocurrency used in some of the company's payment solutions.
Current filings do not represent Ripple's real-time market value. Because private equity markings on different investment funds and secondary market trading platforms vary widely, it is difficult to determine an exact value outside of large financing events.
