Ripple CEO Has Not Denied Circle Acquisition Talks: Here’s Why

A recent statement from Ripple CEO Brad Garlinghouse has added some credibility to earlier reports that the company is seeking to acquire its rival, Circle.

During a fireside chat at the recently concluded XRP Las Vegas event, a panelist asked Garlinghouse to comment on the speculation surrounding a potential acquisition of Circle. The Ripple CEO humorously remarked that he “cannot pre-announce” any acquisition.

Denial of $20 Billion Offer, but Not the Acquisition

Addressing the rumored takeover of the USDC issuer, he refuted claims that Ripple offered up to $20 billion to rival Coinbase in a bid to acquire Circle. Specifically, Garlinghouse stated the company “definitely never” made a $20 billion offer to Circle.

However, the XRP community interpreted his remarks as a subtle confirmation that discussions about a potential acquisition may be ongoing. Rather than denying the existence of any talks, Garlinghouse only disputed the exaggerated figure circulating within the community.

Essentially, if there were no offer at all, Garlinghouse would likely have clarified that Ripple made no attempt to acquire Circle. Instead, he focused only on dismissing the inflated valuation rumor.

Earlier reports about a possible Ripple-Circle merger suggested that Ripple initially offered around $5 billion. However, those reports also claimed that Circle rejected the offer as too low and opted instead to pursue an IPO.

Notably, Circle aims to raise about $6 billion from its public offering, a figure 20% higher than Ripple’s alleged initial offer.

Following this, an unverified source claimed Ripple had increased its bid to $10 billion. Based on this speculation, commentators such as Mickle suggested that Circle may abandon its IPO plans, given the attractiveness of the revised offer.

Still, other commentators argue that the offer’s relevance depends on Circle’s long-term strategic goals. If factors beyond immediate financial gain drive the IPO, a sellout might not align with those objectives. 

Ripple Broader Goals

Nonetheless, Garlinghouse’s comments seemed to pour cold water on the idea that Ripple had revised its offer upward. However, the lack of a clear denial continues to fuel speculation that private discussions about a potential Circle acquisition are ongoing.

This aligns with Ripple’s broader strategy of aggressive acquisitions to strengthen its position in the financial services market. As the company doubles down on M&A, it has deprioritized plans for its own IPO.

Ripple has already acquired several firms, including Metaco, Standard Custody, and, more recently, Hidden Road—its largest acquisition to date. Circle could be the next in line.

It’s worth noting that a Circle spokesperson reportedly dismissed the acquisition rumors, claiming the company is not for sale. However, the statement did not come from an official channel, and the spokesperson was unnamed, which undermines the credibility of the denial.

Update on Circle IPO

Meanwhile, Circle’s upcoming IPO is over 25 times oversubscribed, indicating overwhelming investor interest and potentially complicating Ripple’s acquisition ambitions. The USDC issuer initially aimed to raise $624 million by offering 24 million shares at $24–$26 each, suggesting a valuation of up to $6.71 billion.

Due to strong demand, Circle increased the offering to 32 million shares, boosting its projected valuation to around $7.2 billion.

Major investors such as ARK Invest and BlackRock are reportedly participating. The IPO is scheduled for June 5 on the NYSE under the ticker “CRCL.” The massive oversubscription suggests Circle may be undervalued at its current pricing and could perform strongly in the public market.