Ripple Labs is already a significant XRP holder, with its market report from earlier this year revealing it had 4.5 billion tokens in its stash, with another 37 billion locked in escrow.
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Ripple Labs is reportedly on the cusp of launching a fundraising effort to purchase $1 billion worth of its XRP token to hold in a digital asset treasury, according to Bloomberg.
The fundraiser is being organized through a special purpose acquisition company or SPAC, Bloomberg on Friday, citing anonymous people with knowledge of the matter.
The (DAT) will consist of the freshly bought XRP () and Ripple will also throw in some of its own stockpile, but the exact terms of the transaction are still being hashed out, and could change before the deal is inked, according to Bloomberg’s sources.
Ripple Labs didn’t immediately respond to a request for comment.
Ripple already a significant XRP holder
Ripple of over 4.5 billion XRP, to its May markets report, out of a total supply of more than 59 billion. If the company moves forward with the reported $1 billion buy, it could scoop up another 427 million for its stash.
At the same time, Ripple Labs has another 37 billion tokens locked in an on-ledger escrow, which is released monthly; some of this amount is sold, while the remainder is returned to escrow.
On Thursday, Ripple for $1 billion as part of its business acquisition strategy to expand operations.
The deal provides the company with infrastructure to manage digital assets held in corporate treasuries, and tokenized deposits, which can also be used to generate yield for clients.
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Deal would make Ripple the leading XRP treasury
Bitcoin () and Ether () are leading the crypto treasury race, with companies over $152 billion in Bitcoin and $23 billion Ether.
In comparison, XRP hasn’t been as readily taken up. The leading companies with an intention to buy XRP for their treasuries include Trident Digital Tech Holdings, a Web3 company based in Singapore, which has an XRP treasury of up to $500 million.
Chinese AI company Webus also flagged plans to $300 million, and VivoPower it will attempt to accumulate a $100-million XRP centric reserve.
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