Why does Ripple refuse to go public at all costs? This is a question worth pondering. Recently, news about a $40 billion valuation and funding rounds has been everywhere, with top Wall Street firms like Citadel and Fortress jumping in. But Ripple President Monica Long made an interesting point — "Money isn't the issue; funding is mainly for strategic collaboration." This sounds a bit arrogant, but a closer look at the numbers makes it clear. Ripple has 34.7 billion XRP frozen in its accounts, which, at current market prices, is worth over $80 billion on paper. From another perspective, just by regularly selling its inventory tokens, Ripple can ensure cash flow and has no worries about survival. Going public would instead tie it to financial metrics and shareholder meetings, and it would have to explain its performance to institutional investors from time to time — not a cost-effective move. Looking at Ripple’s acquisitions over the past two years, they’ve been quite aggressive. Companies like Hidden Road and G Treasury have invested nearly $4 billion to integrate payments, asset custody, and stablecoin processes. Using private funding to build infrastructure keeps the control in their hands, avoiding the need to be overly transparent in the open market. Honestly, the appeal of an IPO has been declining for Ripple in recent years. Although the SEC lawsuit was partially won, compliance risks still loom overhead. Every XRP transaction could be scrutinized more intensely. If Ripple becomes a listed company, regulatory attention will only intensify. Instead of being questioned by public opinion and institutional investors repeatedly, it’s better to maintain flexibility in the private market. There’s also a more pragmatic issue — Wall Street wants assets that generate profit, not just a good story. While Ripple’s business model has core competitiveness in Web3 payments, the growth potential in cross-border settlement has its limits. Going public would require promising continuous growth and managing analyst doubts and investor expectations, which could incur operational costs higher than the benefits of fundraising. So rather than ringing the bell and adopting the identity of a "public company," Ripple prefers to remain a private enterprise with a high valuation, abundant cash, and autonomous decision-making. This approach finds a balance between the crypto market and traditional finance.

Recently, a major news broke—Japanese trading platform Coincheck announced the acquisition of Canadian asset management firm 3iQ for $112 million. This deal carries significant implications, as 3iQ is one of North America's earliest institutions to issue Bitcoin and Ethereum funds in bulk, and last year they also launched ETF products for Solana and XRP. Why is this worth paying attention to? From an exchange perspective, this is a strategic move to expand influence within the crypto asset ecosystem. From a broader macro perspective, it reflects a changing attitude among institutional capital towards the crypto market. On-chain data over the past two weeks has also been quite interesting—large transfers have been frequent, activity in institutional wallets has noticeably increased, and funds are continuously flowing into mainstream coins and some hot sectors. This is no coincidence. Every major institutional position is supported by logical reasoning; they wouldn't pour real money in without cause. What does this acquisition indicate? It shows that institutions are accelerating their deployment. The fundamentals of Bitcoin and Ethereum remain stable, and assets like Solana and XRP are gradually being incorporated into mainstream investment views. Short-term markets may still experience volatility, but the long-term logic is there. Market movements are often consistent with on-chain and off-chain signals. Currently, both sides are telling the same story—institutions are optimistic about the future. Hold your positions well and wait to see how things develop.

XRP spot ETF shows a turning signal. After 36 consecutive days of net inflows, this type of product recorded a net outflow for the first time on January 7, with a single-day outflow of $40.8 million. This change reflects a subtle shift in market sentiment, which is worth close attention from traders. Fluctuations in capital flows often indicate changes in price momentum.