Ripple Labs is reportedly looking to raise at least $1 billion for a new public market vehicle that would accumulate XRP, according to Bloomberg, testing whether digital asset trading still works beyond bitcoin.
The raise would be through a special-purpose buyout firm, the report cited people familiar with the matter. The funds would sit inside a new XRP-focused digital asset, and Ripple is expected to contribute some of its own XRP to the vehicle.
Terms are still under discussion and may change. Ripple did not immediately respond to CoinDesk’s requests for comment or confirmation.
If completed, the deal will be the largest known XRP treasury vehicle to date. XRP is the world’s fifth largest token with a market cap of around $138 billion. It is up 13% this year, compared to a 16% increase in bitcoin.
Digital asset treasury companies became one of crypto’s biggest stock market deals in 2025 as publicly traded companies used SPACs, reverse mergers and equity issuance to buy tokens. The model worked as crypto prices rose and investors paid premiums for balance sheet exposure.
However, that trade has weakened. Shares of major token accumulators, including Strategy and Metaplanet, have fallen sharply in recent months as crypto prices got choppy and investors began to question how many public companies can run the same accumulation game at once.
Ripple’s plan would test whether XRP has enough institutional demand to support a similar structure.
XRP has not drawn the same interest from the treasury as bitcoin. One of the bigger examples came in May when VivoPower announced a $121 million raise to pivot towards XRP investment.
Ripple has its own reasons for backing 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 were locked in escrow accounts scheduled for monthly release.
A public XRP tax company could create a new buyer for the token while also giving Ripple another way to place a portion of its holdings with investors.
