Ripple Announces $285 Million Share Buyback, Boosting Company Valuation to $11 Billion

Cryptocurrency company Ripple Labs, known for its XRP coins, is buying back $285 million worth of shares in the company from early investors and employees, two sources familiar with the matter told Reuters.

The investment, also known as a tender offer, valued the company at $11.3 billion. Investors are only allowed to sell up to 6% of their stake, sources added, who requested anonymity.

The privately-held company confirmed the tender offer, and said it plans to spend $500 million in the planned buyback to cover the costs of converting restricted stock units into shares and taxes.