Fresh off a trip to Las Vegas, where Uphold and CEO Simon McLoughlin promoted initiatives aimed at wooing U.S. consumers who fancy XRP, the company is now exploring an initial public offering.
McLoughlin told The Block that Uphold’s board has “appointed” FT Partners to explore strategic options, which include both a possible initial public offering in the United States or a sale to another company.
“We’re currently being courted by a number of banks, brokers, financial institutions and payment firms,” McLoughlin told The Block on Monday. “So equally, a trade sale might be an option.”
While the CEO wouldn’t comment on valuations, a person familiar with the matter pinned the number north of $1.5 billion. FT Partners didn’t immediately respond to a request to comment.
McLoughlin’s mention of a potential IPO comes in the wake of U.S.-based Circle’s successful public offering. Up over $115 per share on Monday after debuting last week at $31, Circle’s shares have already appreciated more than 300%.
At the end of last month, Uphold made a bit of a splash in Las Vegas when it said that it is exploring ways of unlocking yield on XRP via Flare Network and is launching a U.S. debit card that lets consumers earn an XRP bonus.
Uphold, which is particularly dedicated to providing simpler, consumer-friendly interfaces, is a digital assets trading platform where users can buy, sell, and hold their crypto. The company launched its Vault self-custody wallet, which supports XRP, in December 2023.
Possible acquisition strategy
“Our company is growing very, very quickly,” McLoughlin said, noting that there are “a lot of combinations and mergers happening in the industry now.” The executive, who took over as CEO in 2022, added that thanks to growth on the enterprise side of Uphold’s business, such as working with a German bank, revenue is on the uptick.
“In 2022, I think we did $80 million in revenue and this year we’ll do more than $300 million,” McLoughlin said.
Through a partnership with Uphold, IG Group last week became the first publicly traded British company to offer buying, selling, and holding of crypto.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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