Hidden Road
Acquired7 known investors
Global multi-asset prime brokerage for digital assets, FX and derivatives, acquired by Ripple in 2025 and rebranded Ripple Prime.
Also known as Hidden Road Inc Β· Hidden Road Partners Β· Ripple Prime
Investors Β· 7
Also in the syndicate Β· 1
Company profile
researched Aug 2026Hidden Road (Hidden Road Partners / Hidden Road Inc.) is a global multi-asset prime brokerage serving institutional clients across digital assets, foreign exchange, precious metals, exchange-traded derivatives, OTC swaps and fixed income repo. The platform provides multi-asset clearing, prime brokerage, sponsored access and direct market access, real-time risk management, cross-margining and risk-based margin financing, including derivatives margin financing and digital asset margin financing.
The firm was founded in 2018 by Marc Asch, previously of SAC Capital and Point72 Asset Management, and is described in one data profile as based in London, England. It began with foreign-exchange prime brokerage and later expanded into digital assets, then into futures and options clearing. Hidden Road does not trade on its own account; it supplies clearing and financing to client trading activity and supports tri-party custody arrangements in which institutions that cannot hold digital assets directly post dollar collateral with a custodian.
Ripple Labs agreed in April 2025 to acquire Hidden Road for $1.25 billion in cash, stock and tokens; the transaction closed in October 2025 and the business now operates under the Ripple Prime brand, described on its site as the first global, multi-asset prime broker owned by a crypto company. The site reports more than $3 trillion cleared annually across markets, over 300 institutional customers and SOC 2 Type II compliance.
Founding story
Hidden Road was founded in 2018 by Marc Asch, formerly of Steven Cohen's SAC Capital and Point72 Asset Management.
Business model
Hidden Road operated as a non-principal intermediary: it did not trade for its own account but provided clearing, credit intermediation and financing for client trading activity, using a governance structure and proprietary technology to reduce credit, settlement and operational risk. Clients could access exchanges and liquidity providers through the platform, and institutions unable to hold digital assets directly could post dollars as collateral in a tri-party arrangement with a custodian and receive profit and loss in dollars.
Revenue derives from prime brokerage, clearing and financing services β including margin financing across derivatives and digital assets β provided to institutional trading clients. Public financial detail is limited; a data provider lists negative EBITDA/net income figures for fiscal 2019-2022 and no reported revenue.
Traction
The company site reports over $3 trillion cleared annually across markets and more than 300 institutional customers. Clients can trade with exchanges and liquidity providers including Virtu Financial, Optiver and Wintermute Trading; listed liquidity providers also include AlphaLab, DV Chain, Enigma Securities, Flow Traders and Da Vinci Derivatives.
Latest developments
Ripple's acquisition of Hidden Road closed in October 2025 (announced on the company site October 24, 2025) and the business was rebranded Ripple Prime. The site continues to publish institutional research and commentary, including a January 2026 crypto outlook post.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Described as a startup prime broker that attracted backing from major trading houses and crypto firms, serving hedge funds and reportedly some of the world's top 20 banks seeking access to trade or hedge crypto risk; press reporting in 2024 cited a targeted valuation of roughly $1 billion.
The company positions itself as a technology-led, specialised prime broker with conflict-free brokerage (it does not trade against clients), robust governance and risk management, tri-party custody support, cross-margining across asset classes, and β post-acquisition β as the first global multi-asset prime broker owned by a crypto company, backed by Ripple's capital.
Technology
A proprietary, technology-first platform providing multi-asset clearing and prime brokerage with real-time risk management, cross-margining, sponsored and direct market access, and infrastructure designed to reduce credit, settlement and operational risk; the platform is stated to be SOC 2 Type II compliant.
Go-to-market
Direct institutional sales to hedge funds, proprietary trading firms, banks and other market participants, with access to exchanges and a roster of global liquidity providers on the platform.
Institutional market participants: hedge funds, proprietary trading firms, banks and other institutions β including those that cannot hold digital assets directly β with more than 300 institutional customers reported.
Geography
One data provider profile lists the company as based in London, England, UK, with a global, multi-market product and clearing offering.
History
Founded in 2018 by Marc Asch, the firm began with foreign-exchange prime brokerage services before extending into digital assets. In July 2022 it closed a $50 million round (characterised in press and community discussion as a Series A) backed by Citadel Securities and the venture arms of FTX and Coinbase, positioning itself as a credit provider as major crypto lenders such as Celsius and BlockFi failed. In April 2024 Bloomberg reported the firm was in talks for a roughly $120 million Series B at about a $1 billion valuation. In April 2025 Ripple Labs agreed to acquire the company for $1.25 billion in cash, stock and tokens; the deal closed in October 2025 and the business was rebranded Ripple Prime.
Risks & controversies
Among Hidden Road's pre-acquisition shareholders was FTX Ventures, the venture arm of FTX Trading, which invested in the 2022 round. Reported financial data shows losses in each of fiscal 2019 through 2022. The 2024 Series B reporting was based on unnamed sources and the company declined to comment.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Competitors Β· 4
by search overlap
Companies competing with Hidden Road for the same Google search keywords, organic and paid, via search-intersection analysis.
Timeline Β· 3
launches, deals, and filingsThe acquisition was completed in October 2025 and Hidden Road was rebranded Ripple Prime, described as the first global, multi-asset prime broker owned by a crypto company. A company post dated October 24, 2025 announced the closing.
Ripple Labs agreed to acquire Hidden Road Inc. from shareholders including Castle Island Management, Citadel Securities Americas, Coinbase Ventures, Corner Capital Management, FTX Ventures, Greycroft Partners, Humla Ventures, Profluent Trading, SLN Capital, Uncorrelated Ventures and Wintermute Trading for USD 1.25 billion in cash, stock and tokens.
$1.3B source β
After starting with foreign-exchange services and expanding into digital assets in October (2021 per source's timeline reference), the firm said it planned to add futures and options clearing to allow hedge funds and proprietary trading firms to net credit risk and positions across asset classes.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Hidden Roadhiddenroad.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Hidden Road do?
- Global multi-asset prime brokerage for digital assets, FX and derivatives, acquired by Ripple in 2025 and rebranded Ripple Prime.
- Who are Hidden Road's investors?
- Hidden Road's investors include Coinbase Ventures, Flucas Ventures, Greycroft, SC Ventures, Winklevoss Capital, Wintermute.