Ripple Labs launched a $750M share buyback, valuing the company at $50B

Ripple Labs has launched a share buyback program that could value the company at around $50 billion, consolidating its position as one of the most valuable firms in the digital asset industry.

According to a Bloomberg report, the company plans to buy up to $750 million in shares from previous investors and employees in an auction expected to last until April.

Ripple raised $500 million in November from $40 billion from investors including Citadel Securities and Fortress Investment Group. The company has pursued acquisitions to expand beyond payment infrastructure into brokerage and stablecoin services, including a $1.25 billion Hidden Street acquisition.

The buyback comes after an earlier attempt to buy nearly $1 billion worth of stock at a $40 billion deal saw limited participation from employees and investors, The Information reported.

The renewed bid comes amid a slump in crypto markets, with bitcoin down more than 45% from its peak in early October and XRP down more than 50% over the same period. Bitcoin last traded at $70k, up about 1%, while XRP was around $1.40, also up roughly 1% at press time.