XRP jumps 15% as Ripple's largest outside shareholder says the company could look to go public following a settlement with the SEC
Ripple
- XRP leapt 15% on Friday following a report that Ripple, the company behind the token, wants to go public.
- Ripple's largest outside shareholder says the cryptocurrency company wants to go public after settling its legal issues with the SEC.
- Japanese financial giant SBI Group is Ripple's largest outside shareholder.
- See more stories on Insider's business page.
XRP, the digital asset used in Ripple Labs' payment network, soared Friday after Ripple's largest outside shareholder said the cryptocurrency company wants to go public after it wraps up a legal dispute with the US securities regulator.
According to a Cointelegraph report, Yoshitaka Kitao, the CEO of Japanese financial firm SBI Group, claimed that Ripple plans on becoming a public company after it settles a legal action brought against it by the US Securities and Exchange Commission.
Kitao, on a Wednesday earnings call, said Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are planning to take the company public.
"After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that," Kitao was quoted as saying in Cointelegraph's report.
XRP leapt 14% to $1.61 on Friday. Its value has rocketed up by nearly 650% since the start of 2021.
The SEC in December filed a lawsuit against Ripple Labs as well as Garlinghouse and Larsen alleging that XRP was a $1.3 billion unregistered securities offering.