Lucía Peña
After turning heads in Las Vegas with its XRP-focused announcements, Uphold is now setting its sights on a potential IPO or acquisition, according to CEO Simon McLoughlin.
McLoughlin revealed that FT Partners has been brought on board to evaluate various strategic paths — including a public listing in the U.S. or a trade sale to a larger financial or fintech firm.
“We’re in conversations with several banks, brokers, and payment companies,” McLoughlin told PRIME. “A trade sale could also be on the table.”
While no official valuation has been disclosed, insiders familiar with the discussions estimate the company’s value at over $1.5 billion. FT Partners has yet to provide comment.
Circle’s Market Debut Adds IPO Momentum
The potential listing follows the high-profile IPO of Circle, the company behind USDC, which saw its stock surge from $31 to over $115 within days of going public — a gain of more than 300%. This success appears to have encouraged Uphold to consider a similar route.
XRP Rewards and Product Innovation Catch U.S. Attention
At the end of last month, Uphold announced new XRP-based initiatives aimed at attracting U.S. crypto users. These included plans to unlock yield on XRP via the Flare Network and a new debit card offering XRP rewards for American customers.
As a platform focused on streamlining digital asset access, Uphold allows users to buy, sell, and hold cryptocurrencies through an easy-to-use interface. In December 2023, the company also launched Vault, a self-custody wallet supporting XRP and other assets.
Going Public Could Power Acquisitions
McLoughlin emphasized that any move toward an IPO or sale would involve deep strategic analysis, especially as Uphold explores potential mergers and acquisitions. A listing on the Nasdaq could give the company the leverage and liquidity needed to pursue other businesses.
“We’re growing extremely fast,” he said. “There are numerous mergers and industry consolidations right now, and we want to be well-positioned.”
Since stepping into the CEO role in 2022, McLoughlin has helped the firm scale dramatically, noting that revenue has climbed from $80 million in 2022 to an expected $300 million in 2025, thanks in part to its expanding enterprise partnerships, including one with a German bank.
Uphold’s Role in Expanding Institutional Crypto Access
Just last week, IG Group, a major British financial company, became the first publicly traded U.K. firm to enable buying, selling, and holding of crypto — a move made possible through a partnership with Uphold.
