Ripple Reportedly Leads SPAC Plan to Raise $1 Billion for an XRP Treasury Vehicle

Ripple Labs is reportedly spearheading plans to raise at least $1 billion to launch a new publicly traded vehicle designed to accumulate XRP, Bloomberg reported, in a fresh test of whether the crypto "treasury" playbook can work beyond bitcoin. The fundraising would be carried out via a special purpose acquisition company (SPAC), according to people familiar with the matter cited in the report. Proceeds would be held in a new XRP-focused digital asset treasury, and Ripple is expected to contribute some of its own XRP. Terms are still being negotiated and may change. Ripple did not immediately respond to CoinDesk requests for comment or confirmation. If completed, the transaction would be the largest known XRP treasury vehicle to date. XRP is the world's fifth-largest cryptocurrency by market value, at roughly $138 billion. The token is up 13% year to date, versus a 16% gain for bitcoin. Crypto treasury companies emerged as a major equity-market trade in 2025, with listed firms using SPACs, reverse mergers and stock issuance to purchase tokens. The approach benefited from rising crypto prices and investors willing to pay a premium for balance-sheet exposure. That trade has cooled in recent months: shares of prominent token accumulators such as Strategy and Metaplanet have dropped sharply as crypto markets turned volatile and investors questioned how many public companies can pursue the same accumulation strategy at the same time. Ripple's reported plan would gauge whether XRP has sufficient institutional demand to support a similar structure. Compared with bitcoin, XRP has drawn less interest from treasury-style buyers. One of the larger recent examples came in May, when VivoPower announced a $121 million raise to shift toward XRP investing. Ripple also has clear incentives to support a larger vehicle. As of July 31, the company held 4.74 billion XRP in wallets, worth about $11 billion at current prices, according to its website. Another 35.9 billion XRP were locked in on-ledger escrow accounts scheduled for monthly release. A public XRP treasury company could add a new source of demand for the token while offering Ripple another avenue to place part of its holdings with investors.