Ripple seeks to buy $1 billion XRP tokens for new treasury: Report

According to a Bloomberg report citing anonymous sources, Ripple Labs is planning to launch a fundraising effort through a Special Purpose Acquisition Company (SPAC) to acquire $1 billion worth of its native token, XRP, for a new Digital Asset Treasury (DAT).

This DAT will contain the newly purchased XRP along with some tokens from Ripple's existing holdings. Ripple already possesses a significant amount of XRP, holding over 4.5 billion tokens as of May, with another 37 billion locked in escrow. If the $1 billion purchase proceeds, it could add approximately 427 million XRP to their stash.

This move comes shortly after Ripple acquired corporate treasury management firm GTreasury for $1 billion to expand its infrastructure for managing digital assets in corporate treasuries. The reported XRP treasury initiative aims to boost XRP adoption in corporate treasuries, where Bitcoin and Ether currently dominate holdings.

(Source：Cointelegraph)