According to Bloomberg, Ripple Labs is reportedly about to launch a fundraising campaign, planning to purchase $1 billion worth of XRP tokens to deposit into a digital asset treasury.
Bloomberg reported on Friday that the fundraising effort is organized through a special purpose acquisition company (SPAC), citing anonymous sources familiar with the matter.
The digital asset treasury (DAT) will consist of the newly purchased XRP, and Ripple will also contribute part of its inventory, but the specific terms of the transaction are still under discussion and may change before the deal is signed, according to Bloomberg's sources.
Ripple Labs did not immediately respond to a request for comment.
According to its May market report, Ripple holds over 4.5 billion XRP, with a reported total circulating supply of over 59 billion. If the company proceeds with this $1 billion purchase plan, it could add another 427 million XRP.
At the same time, Ripple Labs has 37 billion XRP locked in a custodial ledger, released monthly; part of it is sold, while the rest is returned to custody.
On Thursday, Ripple acquired enterprise treasury management company GTreasury for $1 billion as part of its strategy to expand business operations.
The deal provides the company with the infrastructure to manage digital assets in corporate treasuries, including stablecoins and tokenized deposits, which can also be used to generate returns for clients.
Bitcoin (BTC) and Ethereum (ETH) currently lead the crypto treasury space, with companies holding a total of over $152 billion in Bitcoin and over $23 billion in Ethereum.
In contrast, XRP has not been widely incorporated into treasuries. Singapore's Web3 company Trident Digital Tech Holdings announced plans to establish an XRP treasury of up to $500 million, making it one of the leading companies expressing intent to purchase XRP as treasury reserves.
Chinese AI company Webus also stated plans to allocate $300 million, while VivoPower announced it will attempt to accumulate $100 million in XRP-centric reserve assets.
Related: Ethereum triggers key bearish signal—last time it occurred, ETH plummeted 60%
Original: “Reports say Ripple plans to spend $1 billion to buy back XRP for a new treasury”
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