Digital asset accumulator model expands beyond bitcoin as token treasury trade faces headwinds
Ripple Labs is leading an effort to raise at least $1 billion via a special purpose acquisition company to create a public-market vehicle that would accumulate XRP, according to Bloomberg. The company plans to contribute some of its own XRP holdings to the vehicle, testing whether the digital asset treasury trade can work for tokens beyond bitcoin.
The proposed XRP treasury would be the largest known XRP treasury vehicle if completed. VivoPower announced a $121 million raise in May to pivot toward XRP investing, marking one of the few public-market plays on the token. XRP has not drawn the same treasury-company interest as bitcoin, which became one of crypto’s biggest stock-market trades in 2025 as listed firms used SPACs, reverse mergers and equity issuance to accumulate tokens.
Ripple holds 4.74 billion XRP in wallets as of July 31, valued at approximately $11 billion at current prices. The company also maintains 35.9 billion XRP locked in on-ledger escrow accounts scheduled for monthly release. XRP has gained 13 percent year-to-date, compared with a 16 percent gain for bitcoin, as the digital asset treasury model has faced pressure from falling valuations and investor skepticism.
Major token accumulators including Strategy and Metaplanet have seen their share prices fall sharply in recent months amid choppy crypto prices and questions about market saturation. XRP’s market value stands at $138 billion. The digital asset treasury trade emerged in 2025 as a way for listed companies to gain balance-sheet exposure to crypto tokens while crypto prices rose and investors paid premiums for such holdings.
Bloomberg’s reporting did not identify the people familiar with the matter or provide Ripple’s official confirmation of the plan. The timeline for completing the raise and the terms under discussion remain unspecified.
