A newly surfaced SEC filing shows how strongly private markets had already repriced Ripple equity before the end of 2025.
Megacorn Fund LP disclosed 2,704 Ripple shares with an original cost of $229,840 and a Dec. 31 fair value of $373,179. That works out to an unrealized gain of about 62.4%, or roughly $143,339.
The fund acquired the position on April 16, 2024, and valued Ripple shares at $138.01 each at year-end 2025. The position represented roughly 2.75% of partners’ capital.
Ripple Outpaced Most of the Fund’s Fintech Names
Ripple sits inside Megacorn’s FinTech Software portfolio alongside several high-profile private companies.
The same filing values Kraken at $276,282 against a $168,683 cost, while Databricks was marked at about $1.29 million against a $999,900 cost. Mercury rose more modestly to $161,124 from $150,012, while Perplexity was marked at $511,436 versus a $500,000 cost.
That makes Ripple’s 62% appreciation one of the stronger marks in the group.
| Investment | Cost | Fair value | Approx. gain |
|---|---|---|---|
| Ripple | $229.8K | $373.2K | +62.4% |
| Kraken | $168.7K | $276.3K | +63.8% |
| Databricks | $999.9K | $1.29M | +28.6% |
| Mercury | $150.0K | $161.1K | +7.4% |
| Perplexity | $500.0K | $511.4K | +2.3% |
The $40B Ripple Round Adds Context
The year-end mark came shortly after Ripple completed a $500 million strategic investment at a $40 billion valuation in November 2025.
The round was led by funds tied to Fortress Investment Group and Citadel Securities, with participation from Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace. Ripple said the investment followed a separate $1 billion tender offer at the same $40 billion valuation. Ripple
That institutional repricing already became visible in Ripple’s $40 billion valuation, while the company has since expanded further into tokenized capital markets and a broader $88 trillion tokenization opportunity.
The filing does not establish Ripple’s current market value today, and private-company marks can differ significantly between funds and secondary platforms.
It also should not be confused with XRP. Ripple equity represents ownership in the company, while XRP is a separate digital asset.
