Ripple Labs is reportedly spearheading an initiative to secure at least $1 billion through a special purpose acquisition company (SPAC) aimed at establishing a digital asset treasury (DAT) focused on collecting XRP tokens.

This move indicates that even amidst recent market turmoil, major cryptocurrency firms remain dedicated to their business objectives. According to a report from Bloomberg, Ripple is set to allocate a portion of its own XRP tokens to the new DAT, based on sources who chose to remain anonymous.

Currently, Ripple holds 4.74 billion XRP valued at approximately $11 billion, while nearly 36 billion tokens remain in escrow with plans for monthly releases. This gives Ripple control of more than 40% of the total XRP supply.

“Ripple is taking the lead in raising at least $1 billion to amass XRP… New XRP-focused DAT.”
via @olgakharif

DAT Momentum Still Strong

In a separate announcement, Ripple revealed a $1 billion acquisition of GTreasury, a treasury software provider to enhance its corporate finance operations.

“Ripple is entering a $120 trillion corporate treasury payments market,” said Brad Garlinghouse. “Large amounts of cash are stuck in outdated payment systems, leading to friction and extra costs.”

DATs focusing on XRP are rare; for example, only VivoPower International has disclosed a $121 million fundraising aimed at investing in XRP this past May. Despite the current market decline, interest in Bitcoin and Ether is still strong, with firms such as BitMine actively purchasing the dip.

Currently, XRP markets did not respond well to this news, with the asset declining 5% to $2.27 at the time of writing, down almost 40% since July’s peak of $3.65.