Ripple in Talks to Raise $1B via SPAC for Public XRP Treasury Vehicle

Ripple Labs is seeking to raise at least $1 billion through a special purpose acquisition company to create a public-market vehicle that will accumulate XRP, Bloomberg reported. The proposed XRP-focused digital asset treasury would be the largest known XRP treasury vehicle if completed. Ripple would contribute some of its own XRP holdings to the vehicle, the report said.

Terms of the raise are still under discussion and could change. Ripple did not immediately respond to CoinDesk's requests for comment or confirmation. XRP is the world's fifth-largest token, with a market value of about $138 billion.

The token has gained 13% this year, compared with a 16% rise in bitcoin. Digital asset treasury companies became one of crypto's biggest stock-market trades in 2025. Listed firms used SPACs, reverse mergers and equity issuance to buy tokens during that period.

Shares of major token accumulators including Strategy and Metaplanet have fallen sharply in recent months. VivoPower announced a $121 million raise to pivot toward XRP investing in May. 74 billion XRP in wallets as of July 31, worth about $11 billion at current prices, according to its website.

9 billion XRP were locked in on-ledger escrow accounts scheduled for monthly release. The planned vehicle would be the largest XRP-focused digital asset treasury yet, even as investor appetite for token accumulation stocks has weakened after the recent crypto selloff.