A newly exposed SEC document shows that the private equity market has significantly raised its pricing for Ripple shares by the end of 2025. A Ripple position listed in the document has a book value of approximately $373,000, which is higher than the cost of holding that position, which is around $230,000, reflecting that the relevant funds have made a more favorable valuation assessment of this crypto company.
The book value of positions has risen to $373,000.
The announcement document shows that the value of this Ripple equity position is approximately $373,000, with a corresponding cost of about $230,000, representing a gain of around 62%. From the same document, it can be seen that Ripple has achieved a relatively high appreciation rate within the fund's fintech software portfolio.
The document lists the book value changes of several unlisted technology companies. The holding value of Kraken is approximately $276,000, which is higher than the cost of about $169,000; the book value of Databricks is about $1.29 million, which is higher than the cost of about $1 million; the increases for Mercury and Perplexity are relatively more modest.
$40 billion in financing provides a pricing reference
This pricing adjustment coincides with the time point of a $500 million strategic investment completed by Ripple in November 2025. At that time, the company's valuation for that round of financing was $40 billion, which also made it easier for the outside world to understand why the fund decided to increase the book value of its holdings at the end of the year.
According to Ripple, this financing was led by funds related to Fortress Investment Group and Citadel Securities, with Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace also participating. The company also stated that prior to this round of financing, they had completed a $1 billion tender offer arrangement with the same valuation of $40 billion.
The documents indicate that fund valuations are not based on real-time market prices.
However, this SEC file does not directly represent the current market value of Ripple. The equity of unlisted companies is usually valued by different funds using their own methods, and there may also be significant differences in quotes on secondary trading platforms.
The article also specifically distinguishes between Ripple equity and XRP. The former represents ownership of Ripple company, while the latter is an independent digital asset; the two are not equivalent.
Additional information:In the same file, Kraken, Databricks, Mercury, and Perplexity are also included in the position portfolio, but looking at the book value increase, Ripple has a more prominent appreciation rate.
