The blockchain payments company (XRP) made it very clear this week that it is not letting its dispute with the United States Securities and Exchange Commission (SEC) stop its business plans. On Wednesday, the company announced it had bought back all the Series C shares it issued to private investors in December 2019, despite a 2021 court ruling saying it didn’t have to.
This week’s Crypto Biz explores Ripple’s share buyback and provides an overview of the week’s top funding stories. We also discuss a new ETF proposal from Valkyrie that aims to provide exposure to the () mining arena. For a more complete analysis of this week’s business news, sign up below for the full newsletter.
Ripple Reveals $200 Million Share Buyback More than two years after raising $200 million in a Series C funding round, Ripple announced this week that it had bought back all of the outstanding shares that were issued in the deal. Ripple said the share buyback reflected the company’s “extremely strong position in the market” and “strong balance sheet.” The buyback also gave the company a whopping $15 billion valuation, all while still fighting a $1.38 billion lawsuit filed by the SEC. As Cointelegraph previously reported, Ripple CEO Brad Garlinghouse expects the lawsuit to be settled sometime in 2022.
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