Source: Cointelegraph
Original: “Report: Ripple's $4B to $5B Bid to Acquire Circle Rejected”
Blockchain payment company Ripple reportedly made a bid of up to $5 billion to acquire stablecoin issuer Circle, but the proposal was rejected.
According to a Bloomberg report on April 30, Ripple made an acquisition offer between $4 billion and $5 billion in an attempt to take over Circle, but it was rejected due to the low bid. Ripple has not yet considered whether to make another offer to acquire the stablecoin issuer.
This acquisition attempt reportedly occurred less than 30 days after Circle applied for an initial public offering (IPO) in the United States. Cointelegraph has reached out to representatives of Circle and Ripple for comments, but has not received any responses as of the time of publication.
It is reported that Ripple's valuation in 2024 is $11 billion, but CEO Brad Garlinghouse stated in January that this estimate is "outdated." The blockchain company acquired major broker Hidden Road for about $1.2 billion in April, claiming that this move would help expand the activity scale of XRP and the XRP Ledger.
As Ripple begins to resolve its legal disputes with U.S. regulators, it remains unclear whether the company intends to continue pursuing the acquisition of Circle.
In August 2024, a court ruled that Ripple must pay $125 million in the case first brought by the U.S. Securities and Exchange Commission (SEC) in 2020. However, Garlinghouse announced in March that the SEC plans to withdraw its appeal of that ruling, and Ripple subsequently stated it would pay a net $50 million to settle the lower court's judgment.
Both statements were made following a meeting between Garlinghouse, Ripple's Chief Legal Officer Stuart Alderoty, and U.S. President Trump. The blockchain company donated $5 million to Trump's inauguration fund after his victory, and the two executives attended the event as official guests on January 20.
Related: SEC Ends Investigation into PayPal Stablecoin
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