Ripple eyes $1B XRP treasury while acquiring GTreasury
Ripple is courting ~$1 billion for a new XRP‑focused digital‑asset treasury (DAT) and may seed it with its own tokens, per Bloomberg. The raise would run via a SPAC while Ripple builds corporate rails through a $1B GTreasury buy and other deals.
People familiar with the plan say terms are still in flux – governance, NAV policy and market‑making are being negotiated. The vehicle’s mandate is straightforward: build an XRP pool at scale via a dedicated digital‑asset treasury.
The timing is deliberate. Crypto’s October shakeout left investors cautious on “treasury” vehicles that stockpile coins, with several names trading at discounts to net assets. Ripple is leaning into that gap with an XRP‑specific pool aimed at anchoring liquidity in a top‑five asset (~$138B market cap) rather than in Bitcoin. As of July 31, Ripple reported 4.74B XRP in wallets, with a further 35.9B in on‑ledger escrow released monthly.
In parallel, Ripple is pushing into corporate finance infrastructure. The company agreed to acquire GTreasury for $1 billion, a move that places Ripple inside the treasury‑management systems used by CFOs (TMS).
Earlier this year, it also bought Rail to bolster stablecoin processing, launched the RLUSD stablecoin, expanded payment corridors with partners such as Chipper Cash, VALR and Yellow Card, and signed a custody partnership with Absa Bank in South Africa. Ripple has also applied for a U.S. national bank charter to access core payment rails and reserves.
For digital‑asset markets, the mix is unusual: a liquidity anchor for XRP via a large DAT and a distribution channel into corporate cash flows via TMS and bank‑grade custody. If the DAT closes near plan, deeper order books and tighter spreads are plausible; if discounts plague the vehicle, arbitrage and lingering selling pressure could follow.
The experiment, from a crypto‑liquidity lens, is whether an XRP‑centric DAT can port the “Bitcoin‑treasury” playbook to a non‑BTC asset while the issuer simultaneously builds real‑world payment utility. Corporate treasurers connected through GTreasury could gain exposure to tokenized dollars and, potentially, XRP‑settled flows without stitching together new systems.
From here, outcomes hinge on mechanics rather than marketing. If the DAT launches with clear NAV (net asset value) discipline, designated market makers and frequent disclosures, liquidity can deepen and spreads narrow; thin transparency or persistent discounts would invite arbitrage and cap the upside. Adoption of RLUSD inside treasury workflows and progress on a U.S. bank charter will show whether corporate flows arrive. The size of Ripple’s own XRP commitment will set expectations for the pool’s depth and staying power.
