Uphold Eyes U.S. IPO or Sale with Valuation Target Above $1.5 Billion

Uphold, a leading crypto trading platform, is considering an initial public offering (IPO) in the U.S. or a potential sale to a payments firm, targeting a valuation exceeding $1.5 billion, according to a report by The Block. CEO Simon McLoughlin revealed that the company has engaged investment bank FT Partners to advise on these strategic options, marking a significant step as Uphold seeks to capitalize on its growing user base and favorable market conditions.

Strategic Positioning and XRP Appeal

Founded in 2015, Uphold has established itself as a multi-asset platform supporting over 300 cryptocurrencies, including XRP, which has garnered significant attention from U.S. retail investors. The platform’s focus on XRP-avid consumers comes at a time when Ripple, the company behind XRP, has seen renewed interest following regulatory developments. Notably, Ripple’s partial legal victory against the U.S. Securities and Exchange Commission (SEC) in 2023 clarified XRP’s status as a non-security in certain contexts, boosting its appeal among retail and institutional investors. Uphold has rolled out several initiatives to attract XRP users, including the launch of Vault self-custody wallet, which supports XRP, in December 2023. At the Bitcoin 2025 in Las Vegas last month, the company announced it is exploring ways to unlock XRP yield opportunities through Flare Network and plans to introduce a U.S. debit card that offers XRP rewards to consumers.

Uphold’s multi-asset platform, which includes cryptocurrencies, stablecoins, equities, and precious metals, has processed over $40 billion in transactions across more than 140 countries, positioning it as a versatile player in the digital asset space.

Potential Acquisition or IPO Plans

In the interview with The Block, Uphold CEO Simon McLoughlin revealed that the company’s board is working with investment bank FT Partners to explore strategic options, including a potential U.S. IPO or a sale to another firm. “We're currently being courted by a number of banks, brokers, financial institutions and payment firms,” McLoughlin stated. Sources indicate that Uphold is targeting a valuation exceeding $1.5 billion, though this figure has not been confirmed by Uphold or FT Partners.

The crypto sector is witnessing increased consolidation and public listings as firms aim to scale. Circle, the issuer of USDC, one of the largest stablecoins, recently completed a highly successful IPO. Since its listing on June 5, Circle’s stock (CRCL) has risen for three consecutive trading days, climbing from an IPO price of $31 to a peak of $120.96, a gain of over 290%.

Circle’s strong market debut has fueled enthusiasm among other crypto firms, including Uphold, to pursue IPOs. Companies like Kraken and Bitpanda are also reportedly exploring public listings, capitalizing on improved market sentiment.

Beyond market enthusiasm, Uphold is experiencing rapid business and revenue growth. According to McLoughlin, the company generated $80 million in revenue in 2022, with projections to exceed $300 million this year. This robust financial performance, combined with its strategic focus on XRP, could provide Uphold with a unique edge in its IPO plans or potential acquisition discussions.