Ripple is spearheading a $1 billion raise to create an XRP digital asset treasury, following its acquisition of GTreasury and expansion into global repo markets.
XRP-issuer Ripple Labs is leading a fundraising effort seeking at least $1 billion to establish a new digital asset treasury (DAT) for XRP, according to a report from Bloomberg.
The planned round will be via a special purpose acquisition company (SPAC), and Ripple will contribute some of its own XRP holdings to this new treasury.
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The new firm would be the largest XRP treasury established so far if successfully completed.
The report comes after Ripple’s own announcement earlier in the day, saying it had completed the $1 billion acquisition of GTreasury, a treasury management software company.
Ripple called the acquisition a “watershed moment for treasury management” and shared plans to tap into the global repo market via prime broker Hidden Road.
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