CoinDesk
Ripple Labs is leading an effort to raise at least $1 billion through a special purpose acquisition company to build a public-market vehicle that will accumulate XRP, according to people familiar with the matter cited by Bloomberg. The proposed XRP-focused digital asset treasury, to which Ripple would contribute some of its own holdings, would be the largest known vehicle of its kind if completed. Terms remain under discussion and Ripple had no immediate comment when contacted by CoinDesk.
The structure mirrors the playbook that turned Strategy and a handful of imitators into one of crypto's highest-flying equity trades in 2025: use SPACs, reverse mergers or equity issuance to buy tokens, then sell investors balance-sheet exposure at a premium. XRP, the world's fifth-largest token with a market cap of roughly $138 billion, has not drawn the same treasury-company interest as bitcoin — one of the few larger examples came in May, when VivoPower announced a $121 million raise to pivot toward XRP. The vehicle would test whether institutional demand for XRP is deep enough to support a comparable structure at a much larger scale.
Why it matters
The raise is also a strategic move for Ripple itself. The company reported holding 4.74 billion XRP in corporate wallets as of July 31 — worth about $11 billion at current prices — with another 35.9 billion XRP locked in on-ledger escrow accounts scheduled for monthly release. A public XRP treasury gives Ripple an additional channel to place some of that supply with long-term investors, potentially absorbing release-driven overhang and converting it into sticky balance-sheet demand. The structure also gives traditional equity investors a regulated, listed way to gain concentrated XRP exposure without holding the token directly.
Market impact
The timing is delicate. Digital asset treasury stocks have cooled sharply since the summer: shares of major token accumulators, including Strategy and Metaplanet, have fallen as crypto prices turned choppy and investors started questioning how many public companies can run the same accumulation play at once.
Frequently asked questions
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What is Ripple trying to raise $1 billion for?
Ripple Labs is leading an effort to raise at least $1 billion through a special purpose acquisition company to create a public-market vehicle that will accumulate XRP, with Ripple itself expected to contribute some of its token holdings.
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How large is the proposed XRP treasury compared to existing ones?
If completed, the vehicle would be the largest known XRP-focused digital asset treasury to date. One of the few prior larger examples came in May, when VivoPower announced a $121 million raise to pivot toward XRP.
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Why does the timing matter for the digital asset treasury trade?
Shares of major token accumulators including Strategy and Metaplanet have fallen sharply since the summer as crypto prices turned choppy, leaving open whether institutional demand can support a large non-Bitcoin DAT vehicle at scale.
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How much XRP does Ripple itself hold?
Ripple reported holding 4.74 billion XRP in corporate wallets as of July 31, worth about $11 billion at current prices, with another 35.9 billion XRP locked in on-ledger escrow accounts scheduled for monthly release.
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What happens if the raise fails or is downsized?
A successful close would likely trigger imitators targeting ETH, SOL, and other large-cap alts. A failed or downsized deal would suggest institutional DAT demand is now a Bitcoin-only story rather than a broader token-accumulation trade.
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