CoinDesk
Ripple Labs is reportedly leading a push to raise at least $1 billion through a special purpose acquisition company that would create a publicly listed XRP treasury vehicle — the largest of its kind if completed. Ripple is expected to contribute a portion of its own XRP holdings to the structure, with terms still under discussion.
The move is a direct test of whether the digital asset treasury trade — one of crypto's defining stock-market plays in 2025 — can extend beyond bitcoin. That model has cooled: shares of major accumulators like Strategy and Metaplanet have fallen sharply as crypto prices turned choppy and investors began questioning how many public companies can run the same playbook simultaneously.
XRP is the world's fifth-largest token by market cap, sitting at roughly $138 billion. It has gained 13% this year, trailing bitcoin's 16% rise.
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