Bitwise President Teddy Fusaro has opined that enterprise blockchain company Ripple can potentially buy a lot of cryptocurrency companies if it wants to.
Fusaro has estimated that the company's current XRP holdings are worth roughly $93 billion.
As reported by U.Today, Ripple announced that it had agreed to acquire prime brokerage Hidden Road for a whopping $1.25 billion, which represents one of the biggest corporate purchases to date.
Shortly after the announcement, Bloomberg reported that Ripple also approached USDC issuer Circle with a massive $5 billion offer. Circle, which is currently preparing to hold an initial public offering (IPO), reportedly rejected the offer. There were also some unsubstantiated rumors about Ripple being willing to shell out up to $20 billion for its major rival.
Whether or not the Circle acquisition ends up happening, it is clear that Ripple is emerging as a major power player following its victory against the U.S. Securities and Exchange Commission and a massive XRP rally.
Ripple President Monica Long recently commented that the enterprise blockchain company is currently in a position to conduct acquisitions. Notably, Long also stressed that there was no need for the company to go public due to its strong financial position.
As reported by U.Today, Ripple CEO Brad Garlinghouse confirmed that the company owned more than $100 billion worth of XRP tokens in December, arguing that the company's previously estimated valuation was too low considering its vast holdings.
Vladislav Sopov