Ripple Buys GTreasury in $1B Deal, Targets Multi-Trillion-Dollar Repo Market

Deal Targets Corporate Treasury Market

Ripple said Thursday it has acquired GTreasury, a Chicago-based provider of treasury management systems, for $1 billion. The acquisition is intended to open access to the multi-trillion-dollar corporate treasury and global repo markets while deepening Ripple’s foothold in institutional finance.

Ripple described GTreasury as “the global leader in treasury management systems,” with more than 40 years of experience supporting large corporate clients. GTreasury’s platform is known for risk management and foreign platform tools used by multinational companies, as well as compliance and audit answers.

Ripple said the acquisition will allow its clients to tap into the global repo market via prime broker Hidden Road, enabling companies to earn higher returns on short-term assets and execute real-time cross-border payments at lower cost. The deal is expected to close in the coming months, subject to customary approvals.

Investor Takeaway

Executives Outline Strategy

“For too long, money has been stuck in sluggish, outdated payments systems and infrastructure, causing unnecessary delays and high costs,” said Ripple CEO Brad Garlinghouse. “Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities.”

Renaat Ver Eecke, CEO of GTreasury, called the acquisition “a watershed moment for treasury management,” adding that the company’s goal has always been to provide compliant and feature-rich answers for corporations worldwide. “By joining Ripple, we are accelerating our vision from managing capital to activating it,” he said.

GTreasury’s client list includes some of the world’s largest industrial and financial corporations. Integrating its systems with Ripple’s blockchain and liquidity infrastructure could give those clients direct access to tokenized cash management and on-chain repo products through Hidden Road.

Ripple’s 2025 Acquisition Spree

The deal is Ripple’s third major acquisition in 2025. In April, the company acquired prime broker Hidden Road for $1.25 billion — one of the largest transactions in the crypto industry’s history. Four months later, Ripple bought Rail, a stablecoin payments platform, for $200 million. The three acquisitions reflect Ripple’s pivot toward institutional finance, where it views opportunities to merge blockchain settlement with traditional markets.

The company has been expanding its network beyond payments into lending, tokenization, and capital market infrastructure. Ripple executives said the addition of GTreasury will assist build a “complete institutional stack,” connecting liquidity, payments, and asset management under one platform.

Investor Takeaway

Leadership and Outlook

The acquisition comes amid leadership changes. Last month, Ripple’s long-serving CTO David Schwartz announced plans to step down by year-end. Schwartz, who assisted code the XRP Ledger, has been central to Ripple’s technical development and regulatory defense during its years-long legal battles with U.S. authorities.

Speaking Wednesday at DC Fintech Week, Garlinghouse said Ripple’s experience fighting the U.S. Securities and platform Commission gave it the clarity the industry needs. “We had to get clarity through a $150 million lawsuit and a federal judge,” he said. “But the whole industry deserves that identical clarity, and we’ll continue to fight for it.”

Garlinghouse said the combination of Ripple’s blockchain settlement network, GTreasury’s corporate client base, and Hidden Road’s brokerage capabilities will create “a unified liquidity platform” aimed at simplifying cash and collateral management for global enterprises.

The company did not disclose whether it will keep GTreasury’s Chicago headquarters or integrate the team into Ripple’s existing offices in New York, London, and Singapore. Industry analysts expect Ripple to use the acquisition to expand its enterprise offering across Europe and Asia once the deal closes.

Ripple’s shares are not publicly traded, but the firm is widely viewn as one of the largest privately held fintechs globally. Analysts estimate its private valuation near $20 billion, though the company has not confirmed a figure.