Ripple made headlines last month after it closed a $200 million Series C that valued the San Francisco-based startup at $10 billion.

The investment round was led by Tetragon with participation from SBI Holdings and Route 66 Ventures, with the additional capital set to expand Ripple’s global business operations while further building utility around XRP. Tetragon, a closed-ended investment company with a $2.3 billion portfolio, previously participated in a 2015 Series C for Blue Bottle Coffee.

“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019,” said Ripple CEO Brad Garlinghouse at the time.

Notably, the fundraising round values the startup higher (on paper) than roughly 93% of the 2,691 stocks in the Nasdaq Composite Index and 16% of the stocks in the S&P 500, including household names like Under Armour (UA), Whirlpool (WHR), Nordstrom (JWN), Alaska Air (ALK), Xerox (XRX) and many others.

As the performance of Uber (UBER) has shown, public markets have been unforgiving to runaway private valuations. Given that Ripple just completed a Series C, a fundraising round often completed before a startup IPOs, we may get to see how Wall Street values Ripple sooner rather than later. That said, Ripple probably doesn’t want to deal with the increased scrutiny and regulations that come with a public listing.

Interestingly, Ripple is also worth more now than XRP, which currently holds an $8.4 billion market cap.

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.