Ripple is reportedly spearheading a bid to create the largest-ever public XRP treasury, seeking at least $1 billion to build an XRP-focused balance sheet vehicle, Bloomberg reported Tuesday, citing people familiar with the matter.
According to the report, the capital would be raised through a special-purpose acquisition company (SPAC). The funds would be parked in a new digital-asset treasury that accumulates XRP, and Ripple is expected to seed the vehicle with some of its own tokens. Terms are still being negotiated and could change, and Ripple did not immediately respond to CoinDesk’s request for comment.
If completed, the deal would be the biggest known XRP treasury play to date. XRP is currently the world’s fifth-largest token by market capitalization—about $138 billion—and has climbed roughly 13% year-to-date, versus a 16% rise for bitcoin.
The move would revive a trade that dominated crypto markets in 2025, when listed firms used SPACs, reverse mergers and equity raises to buy and hold tokens on their balance sheets. That model thrived while crypto prices climbed and investors were willing to pay premiums for direct exposure to token treasuries. But the strategy has cooled in recent months: shares of major token-accumulation companies, including Strategy and Metaplanet, have fallen sharply as markets turned choppier and investors questioned how many public firms could successfully run the same accumulation play.
Ripple’s proposed vehicle would test whether institutional appetite exists for an XRP-specific treasury at scale. XRP has generally attracted less treasury-company interest than bitcoin, though there have been notable examples—VivoPower announced a $121 million raise in May to pivot toward XRP investing.
Ripple has its own incentives to back a larger public vehicle. As of July 31, the company reported holding 4.74 billion XRP in wallets—about $11 billion at current prices—and another 35.9 billion XRP remain locked in on-ledger escrows with scheduled monthly releases. A public XRP treasury company could provide a steady buyer for the token while offering Ripple a way to place part of its holdings with outside investors.
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