Ripple plans to buy back $285 million of its shares, putting the company at a valuation of $11 billion.

Reuters first reported the news, citing unnamed sources. 

Ripple, when reached for comment, confirmed the buyback to Blockworks. 

“We are committing $500 [million] of cash from the balance sheet to convert RSUs and buy back shares – purchasing up to $285 [million] of equity and committing over $200 [million] to convert RSUs. This is at an equity valuation of over $11 [billion],” a Ripple spokesperson told Blockworks.

An RSU is a restricted stock unit.

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