Ripple is launching a $750 million share buyback that values the company at $50 billion, a notable jump from the $40 billion valuation it secured in a $500 million funding round last November.

The tender offer, which is expected to run through April, will let investors and employees sell shares back to the company. The move suggests Ripple has both the balance sheet and the confidence to support a higher valuation without relying on public markets. The company has already said it is not pursuing an IPO for now.

This story is an excerpt from the Unchained Daily newsletter.

That confidence is tied to expansion. Ripple has been spending aggressively to broaden its business beyond payments, including deals for Hidden Road, GTreasury, and other infrastructure assets. It also now issues the RLUSD stablecoin and recently said its payments network has processed more than $100 billion in volume.