Ripple Labs is reportedly leading an effort to raise at least $1 billion for a new public market vehicle that would accumulate XRP, according to Bloomberg, testing whether digital asset treasury trading still works beyond bitcoin.
The increase would be done through a special purpose acquisition company, the report cited people familiar with the matter. The funds would sit within a new digital asset treasury focused on XRP, with Ripple expected to contribute some of its own XRP to the vehicle.
The terms are still under discussion and could change. Ripple did not immediately respond to CoinDesk’s requests for comment or confirmation.
If completed, the deal would be the largest known XRP treasury vehicle to date. XRP is the fifth largest token in the world, with a market value of around $138 billion. It has gained 13% this year, compared to a 16% rise in bitcoin.
Digital asset treasury companies became one of the biggest cryptocurrency stock transactions in 2025, as publicly traded companies used SPACs, reverse mergers, and stock issuance to purchase tokens. The model worked while cryptocurrency prices rose and investors paid premiums for balance sheet exposure.
However, that trade has weakened. Shares of major token hoarders, including Strategy and Metaplanet, have fallen sharply in recent months as cryptocurrency prices became unstable and investors began to wonder how many public companies can run the same hoarding game at once.
Ripple’s plan would test whether XRP has enough institutional demand to support a similar structure.
XRP has not attracted the same interest from treasury companies as bitcoin. One of the biggest examples came in May, when VivoPower announced a $121 million raise to pivot towards investing in XRP.
Ripple has its own reasons for supporting a larger vehicle. The company had 4.74 billion XRP in wallets as of July 31, worth about $11 billion at current prices, according to its website. Another 35.9 billion XRP was locked in escrow accounts scheduled for monthly release.
A public XRP treasury company could create a new buyer for the token while also giving Ripple another way to place some of its holdings among investors.
