Ripple Said to Explore $1B SPAC to Build Biggest Public XRP Treasury Yet
Ripple is leading efforts to assemble what could become the largest publicly traded XRP treasury, seeking to raise at least $1 billion to launch an XRP-focused balance-sheet vehicle, Bloomberg reported Tuesday, citing people familiar with the talks.
The fundraising is expected to be structured through a special-purpose acquisition company (SPAC). Proceeds would be placed into a newly formed digital-asset treasury designed to accumulate XRP, and Ripple is expected to seed the vehicle with a portion of its own tokens. Terms remain under negotiation and may change. Ripple did not immediately respond to CoinDesk's request for comment.
If finalized, the transaction would mark the biggest known XRP treasury initiative to date. XRP is the world's fifth-largest cryptoasset by market capitalization at roughly $138 billion and is up about 13% year to date, compared with bitcoin's 16% gain.
The proposal would revive a strategy that was prevalent across crypto markets in 2025, when publicly listed companies used SPACs, reverse mergers and equity raises to buy and hold tokens on their balance sheets. The approach benefited from rising prices and investor willingness to pay premiums for public-market access to token treasuries. Interest has faded recently: shares of major accumulation firms such as Strategy and Metaplanet have dropped sharply as trading conditions became more volatile and investors questioned how many public companies could successfully replicate the same playbook.
Ripple's plan would gauge whether large-scale institutional demand exists for an XRP-specific treasury. Compared with bitcoin, XRP has drawn less interest from treasury-style companies, though there have been exceptions. VivoPower said in May it raised $121 million as it shifted toward XRP investing.
Ripple also has clear incentives to support a larger public vehicle. As of July 31, the company reported holding 4.74 billion XRP in wallets—worth about $11 billion at current prices—with an additional 35.9 billion XRP locked in on-ledger escrow subject to scheduled monthly releases. A public XRP treasury company could create consistent demand for the token while giving Ripple another channel to place part of its holdings with outside investors.
