Chinese Company Moves To Buy $300 Million Worth Of XRP, SEC Filing Shows

Chinese company Webus has officially declared its intention to establish a $300 million XRP treasury. The company filed a Form 6-K with the US Securities and Exchange Commission (SEC) detailing the moves it has so far made to create this XRP-focused treasury. 

Webus Files Form 6-K For XRP Treasury With US SEC

A SEC filing shows that Webus has filed the Form 6-K for its XRP treasury with the Commission. The Chinese firm noted the signing of a Delegated Digital-Asset Management agreement with Samara Alpha, aimed at establishing a strategic framework for potential future digital asset treasury operations. 

Webus last week announced that it was exploring a financing strategy of up to $300 million to establish an XRP reserve for supporting global payment solutions. The company intends to use available cash reserves, bank lending, shareholder guarantees, and third-party institutional-backed credit facilities from traditional banks to fund this endeavor. 

The company further declared that an XRP blockchain integration has the potential to revolutionize how they handle cross-border payments for both partners and travelers worldwide. Besides Webus, Nasdaq-listed VivoPower is another company that is looking to establish an XRP Treasury. 

Bitcoinist reported that VivoPower has secured $121 million in its bid to become the first public company to execute an XRP-focused treasury and DeFi strategy. As part of its move to achieve this, the company has entered into a strategic partnership with BitGo to facilitate the initial $100 million XRP acquisition for its treasury strategy. 

VivoPower will use BitGo as an exclusive over-the-counter (OTC) trading desk to acquire the $100 million XRP tokens. The company will also use the crypto platform for the trading of its XRP holdings through BitGo’s 24/7 OTC trading desk and holding of its assets through the custody platform. 

Odds For An XRP ETF On The Rise

Amid these developments, the odds of an XRP ETF launching this year have skyrocketed in the past few weeks. Polymarket data shows that there is a 92% chance that the SEC approves this ETF before December 31.

However, this fund is unlikely to be available before the first half of the year ends, as there is only an 18% chance of approval before July 31. The XRP ETFs will drive more institutional inflows into the XRP ecosystem, which is bullish for the altcoin’s price.

Crypto analyst BarriC had previously predicted that the altcoin could rally to between $10 and $20 once the ETFs get approved. Grayscale, Bitwise, Canary Capital, 21Shares, Wisdomtree, CoinShares, and Franklin Templeton have all filed to offer an XRP ETF.

At the time of writing, the XRP price is trading at around $2.18, down over 2.14% in the last 24 hours, according to data from CoinMarketCap.