Uphold weighs IPO or sale at $1.5B+ valuation

Uphold is weighing a potential initial public offering or strategic sale as it explores ways to fuel further growth.

Digital asset platform Uphold is exploring a potential IPO in the U.S. or a strategic sale, CEO Simon McLoughlin told The Block. The company’s board has engaged investment bank FT Partners to evaluate its options, including a listing on the Nasdaq or a possible merger or acquisition with a financial or payments firm.

“We’re currently being courted by a number of banks, brokers, financial institutions and payment firms,” McLoughlin told the Block.

According to McLoughlin, an IPO could support Uphold’s longer-term acquisition strategy, positioning the company to potentially expand via mergers.

Though McLoughlin declined to disclose a target valuation, a person familiar with the matter said Uphold is seeking a figure above $1.5 billion.

The company’s exploration of a public listing comes amid significant revenue growth. McLoughlin revealed that Uphold’s annual revenue jumped from $80 million in 2022 to an expected $300 million in 2025, driven by both retail expansion and enterprise partnerships, including work with a German bank.

It also comes shortly after Circle, another major U.S.-based crypto firm, completed a successful IPO that saw its shares surge over 300% in the first week of trading.

Uphold’s IPO consideration follows a high-profile promotional effort in Las Vegas, where McLoughlin and the Uphold team promoted initiatives tailored to the U.S. market and Ripple ( XRP ) enthusiasts. The company recently announced plans to launch a U.S. debit card offering XRP rewards, along with a new initiative in partnership with Flare Network aimed at helping users earn yield on their XRP holdings.

Uphold has played an increasingly strategic role in Ripple’s ecosystem since their partnership was announced in October 2023, when Uphold became a key liquidity provider for Ripple’s cross-border payments network. In December last year, Uphold was also among the first platforms to list Ripple’s new stablecoin , RLUSD.