Ripple secured a $200 million credit facility from Neuberger Berman on May 11, 2026, to expand Ripple Prime’s institutional prime brokerage services. The facility will fund margin lending, financing products, and clearing services for institutional clients trading crypto and traditional assets. Neuberger Berman, which manages $560 billion in assets, is backing Ripple’s push to deepen institutional adoption of digital asset infrastructure.
How Ripple Built Its Prime Brokerage Play
Ripple Prime emerged from the October 2025 acquisition of Hidden Road, a global prime broker that cleared $3 trillion in annual trading volume at the time of purchase. Ripple acquired Hidden Road for $1.25 billion, marking the first known acquisition of a global prime broker by a crypto-native company. The deal gave Ripple immediate access to 300+ institutional clients and established clearing, execution, and financing capabilities across both digital and traditional markets. Ripple Prime has since grown revenue by 3x under Ripple’s ownership, according to company disclosures.
Scaling Capital for Institutional Demand
The Neuberger Berman facility addresses capital constraints as institutional demand for crypto financing accelerates. Noel Kimmel, Ripple Prime president, stated: “The additional capital will help the unit serve a broader range of institutional clients as demand for crypto financing and brokerage services continues to grow.” Recent integrations with Bullish, a crypto exchange operator, have expanded Ripple Prime’s product reach. Bullish clients now have direct access to Bitcoin options trading with Ripple’s RLUSD stablecoin serving as collateral. RLUSD, Ripple’s USD-pegged token, carries a market value of $1.5 billion.
Institutional Crypto Infrastructure Matures
The Neuberger Berman partnership signals institutional-grade capital providers are treating crypto prime brokerage as core infrastructure. Traditional asset managers are now backing digital asset financing at scale. Ripple Prime’s integration with Bullish demonstrates how crypto-native prime brokers are consolidating execution, clearing, and financing into single platforms for hedge funds and asset managers. This mirrors traditional finance workflows but operates 24/7 across crypto and traditional markets.
What’s Next for Ripple Prime
Ripple has not disclosed how much of the $200 million facility has been drawn or specific profitability metrics for Ripple Prime. The credit facility removes a near-term capital constraint, but execution risk remains. Ripple’s ability to retain institutional clients while competing against established prime brokers like Genesis and Copper will determine whether the unit becomes a durable business line or an acquisition footnote.
