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Ripple Acquires Hidden Road for $1.25B, First U.S. XRP ETF Debuts Strong, BlackRock Moves $254M BTC

Ripple makes history with a $1.25B acquisition of Hidden Road, the first U.S. XRP ETF launches with impressive volume, and BlackRock transfers $254M BTC to Coinbase.
Published on 2025-04-10

Ripple Acquires Hidden Road for $1.25 Billion

Ripple, a leading fintech company, has acquired prime brokerage firm Hidden Road for $1.25 billion. This landmark deal positions Ripple as the first crypto company to operate a global, multi-asset prime broker. Hidden Road serves institutional clients like hedge funds and quant traders, and Ripple has been a long-standing customer. The acquisition is expected to enhance Ripple’s stablecoin business, particularly its RLUSD, which will be used as collateral across Hidden Road’s offerings. Ripple CEO Brad Garlinghouse emphasized that the deal will enable Hidden Road to expand its services significantly, aiming to become the largest non-bank prime broker globally.

First U.S.-Based XRP ETF Debuts with Strong Trading Volume

The first U.S.-based XRP ETF, the Teucrium 2x Long Daily XRP ETF (XXRP), launched successfully on April 8. On its debut, the ETF recorded a "very respectable" trading volume of $5 million, placing it in the top 5% of new ETF launches. This performance surpassed expectations, especially considering the negative sentiment surrounding XRP in the crypto community. The ETF offers 2x leveraged exposure to XRP through swaps, targeting short-term speculation on volatility. Pro-XRP lawyer John Deaton noted that XRP’s appeal remains strong despite industry skepticism.

BlackRock Moves $254 Million in Bitcoin to Coinbase

According to Lookonchain data, BlackRock transferred 3,296 BTC, worth approximately $254 million, to Coinbase. This significant move raised concerns among market participants, as large transfers to centralized exchanges often signal potential selling activity. However, analysts suggest this move is likely tied to outflows from BlackRock’s Bitcoin-focused ETF, IBIT, rather than a complete exit from Bitcoin. At press time, BlackRock holds 572,074 BTC, valued at around $44.89 billion, making it one of the largest institutional holders of Bitcoin.

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