Ripple last month offered to buy back shares from employees and investors at 40 billion valuation, a big jump from its June tender offer at 28 billion valuation. Even so, it saw the lowest participation rate compared with prior rounds, according to an investor letter, showing investors are holding onto the shares. My story on how Kraken, Kalshi, Polymarket, etc all saw rapid surge of valuations in the private market: https://www.theinformation.com/articles/stock-markets-crypto-rally-boosts-private-companies(Yueqi Yang)