Ripple Labs Reportedly Leading $1B Fundraise for XRP Treasury
Ripple Labs is reportedly leading an effort to raise at least $1 billion through a special purpose acquisition company (SPAC) to create a digital asset treasury (DAT) focused on accumulating XRP tokens.
It is a sign that the recent market chaos has not deterred crypto giants from pursuing their business plans to the fullest, according to a report by Bloomberg on Thursday. Ripple will contribute some of its own XRP to the new DAT, according to Bloomberg’s anonymous sources.
The company directly holds 4.74 billion XRP worth about $11 billion, and there are almost 36 billion tokens held in escrow, which are scheduled to be released on a monthly basis. In total, the fintech firm controls over 40% of the total XRP supply.
DAT Momentum Still Strong
Ripple separately announced a $1 billion acquisition of treasury software provider GTreasury to strengthen corporate finance relationships.
XRP DATs are pretty rare, with only sustainable-energy firm VivoPower International announcing a $121 million fundraising in May to pivot to investing in XRP. Bitcoin and Ether DAT momentum has remained strong despite the recent market rout, with companies such as Tom Lee’s BitMine aggressively buying the dip.
BitMine has made two Ether purchases since the weekend leverage flush, adding more than 300,000 ETH to its monster stash. Meanwhile, Strategy acquired 220 BTC for around $27 million earlier this week, bringing its total to a whopping 640,250 BTC worth around $70 billion at current market prices.
XRP Price Reaction
XRP markets did not react to the news, and the asset has declined 5% on the day in a fall to $2.27 at the time of writing.
The payment token fell to its lowest level since early July in late trading earlier today (excluding last Friday’s flash crash to under $1 on some exchanges). It’s now down by almost 40% since the peak marked in mid-July of $3.65.
The post Ripple Labs Reportedly Leading $1B Fundraise for XRP Treasury appeared first on CryptoPotato.
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