Ripple Enters Leveraged ETF Financing With U.S. Stock Exposure

Ripple is entering the U.S. leveraged ETF financing market through Ripple Prime, providing funding for funds tied to Nvidia, Sandisk and major indexes as crypto firms move into institutional lending.

Ripple Prime uses total return swaps to provide leveraged exposure and charges financing fees. The Tradr 2X Long SNDK Daily ETF pays an overnight bank financing rate plus 4 percentage points, producing an annualized financing cost of about 8% at current rates, excluding management fees.

Ripple gained clearing, financing and trading capabilities across stocks, bonds, foreign exchange and digital assets after acquiring multi-asset prime broker Hidden Road for $1.25 billion in 2025. The company launched its Delta One business in August, offering total return swaps tied to U.S. stocks, indexes and digital assets.

The U.S. market has 593 leveraged ETFs with more than $256 billion in assets under management, including 426 funds tracking individual stocks. Ripple has disclosed more than $1 billion in regulatory net capital but has not disclosed revenue from leveraged ETF financing or how much of the business uses XRP or the XRP Ledger.