Ripple Labs is reportedly leading an effort to raise at least $1 billion for a new public-market vehicle that would accumulate XRP, the world's fifth-largest token with a market value of approximately $138 billion, according to Bloomberg. The raise would be conducted through a special purpose acquisition company, or SPAC, testing whether digital asset treasury structures can extend beyond bitcoin into other major tokens.

Market Context

The proposed structure emerges as investor appetite for token accumulation stocks has weakened following the recent crypto selloff. Shares of major token accumulators, including Strategy and Metaplanet, have fallen sharply in recent months as cryptocurrency prices turned choppy and investors began questioning how many public companies can execute the same accumulation strategy simultaneously. XRP has gained 13% this year, compared with a 16% rise in bitcoin, making it an attractive candidate for treasury vehicles despite the broader pullback.

Analysis

Digital asset treasury companies became one of crypto's biggest stock-market trades in 2025, as listed firms used SPACs, reverse mergers and equity issuance to accumulate tokens. The model worked while crypto prices rose and investors paid premiums for balance-sheet exposure to digital assets. However, that trade has faced significant headwinds recently, raising questions about whether XRP can support a similar structure.

Ripple has its own strategic reasons to back a larger treasury vehicle. The company held 4.74 billion XRP in wallets as of July 31, worth approximately $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 create a new buyer for the token while giving Ripple another way to place part of its holdings with investors.

XRP has not drawn the same level of treasury-company interest as bitcoin. One of the larger examples came in May, when VivoPower announced a $121 million raise to pivot toward XRP investing, representing a fraction of what Ripple is reportedly pursuing.

Key Numbers

- Proposed SPAC treasury raise: at least $1 billion

- Current XRP market value: approximately $138 billion (fifth-largest token globally)

- Ripple's held XRP: 4.74 billion tokens worth roughly $11 billion as of July 31

- XRP locked in escrow: 35.9 billion tokens with scheduled monthly releases

- XRP year-to-date performance: plus 13%

- Bitcoin year-to-date performance: plus 16%

What to Watch

Terms remain under discussion and could change, per sources cited by Bloomberg. Ripple did not immediately respond to requests for comment or confirmation. If completed, the deal would represent the largest known XRP treasury vehicle to date and serve as a test case for whether institutional demand exists to support such structures outside of bitcoin-focused accumulators. The success or failure of this vehicle could set precedent for future digital asset treasury formations and impact broader crypto market sentiment toward accumulation strategies.