Ripple shows interest in acquiring Celsius assets
- Ryan Lawler, author of Axios Pro: Fintech Deals
Illustration: Natalie Peeples/Axios
Ripple Labs, the San Francisco-based crypto company behind XRP, may be interested in acquiring assets from bankrupt crypto lender Celsius, Reuters reports.
Why it matters: Although it has not been overly acquisitive so far, Ripple has the balance sheet to be a major acquirer if this crypto winter persists.
Driving the news: Last week, attorneys from the law firm Davis Wright Tremaine submitted filings in U.S. Bankruptcy Court to represent Ripple in the proceedings.
- On Tuesday, a Ripple spokesperson told Reuters the company is "interested in learning about Celsius and its assets, and whether any could be relevant to our business.”
Yes, but: The spokesperson declined to say if Ripple was interested in acquiring Celsius outright.
Between the lines: When Ripple repurchased all of its Series C shares at a $15 billion valuation at the beginning of the year, the company claimed to have over $1 billion on its balance sheet.
- And CEO Brad Garlinghouse has said he expects his company would be a part of an uptick in M&A during this crypto winter.
- So far, however, the company has been content to sit on the sidelines while companies like FTX have been much more active in brokering deals.
The intrigue: Any M&A interest from Ripple could be complicated by its ongoing legal case with the SEC.
- Garlinghouse even told Axios in June that the company could leave the U.S. if the ruling doesn’t go its way.