Uphold Explores IPO, Targets XRP-Obsessed U.S. Crypto Market

The prominent digital currency trading platform, Uphold, is reportedly exploring an initial public offering (IPO) while strategically courting U.S. consumers with a keen interest specifically in XRP—the native cryptocurrency of the XRP Ledger. 

In a report, Uphold CEO Simon McLoughlin revealed that the company’s board has appointed FT Partners to look into various options, which possibly include an initial public offering (IPO) in the United States or selling the company operation to other giant corporations. 

Following Circle’s striking listing on the NYSE, the IPO talk has set a number of crypto companies preparing to go public amid rapidly increasing crypto adoption. This trend is further evidenced by a recent filing from crypto giant Gemini on June 6, which suggests a maturing market ready for institutional investment.

Notably, Uphold’s move comes at a time when the cryptocurrency market is experiencing a notable upswing. Industry experts view Uphold’s IPO exploration as a calculated step to capitalize on this momentum. 

The reporting, first published by The Block on June 9, has sparked excitement among crypto enthusiasts and analysts, signaling a potential shift in the financial landscape.

Uphold’s Exclusive Focus on XRP

While the trading platform enables users to access various cryptocurrencies, its recent user acquisition strategy involves focusing primarily on the XRP. Its focus on XRP-avid U.S. consumers taps into a loyal community that has long supported Ripple’s vision, especially following regulatory battles with the U.S. Securities and Exchange Commission (SEC).

XRP has been one of the hottest crypto assets this year, with it surging over 360% since November 2024. The spike in XRP price is largely attributed to Ripple’s clearance in its lawsuit with the SEC. Moreover, the momentum in XRP price also aligns with Ripple’s ongoing mission to revolutionize cross-border payments using the XRP Ledger. 

 In the past 24 hours, XRP’s trading volume surged by 10.39% to $2.68 billion, while it has surged by 6% in the past 7 days—as per CoinMarketCap data .