Ripple Labs Said to Lead $1 Billion Fundraise for XRP Hoard (1)

Ripple Labs Inc. is leading an effort to raise at least $1 billion to accumulate XRP, the digital token linked to the company, in a sign that the recent market tumult has not stopped cryptocurrency heavyweights from pursuing their business plans full-force.

The funds are to be housed inside of a new digital-asset treasury, or DAT, according to people familiar with the matter.

The money will be raised through a special purpose acquisition company, known as a SPAC, said some of the people, none of whom were authorized to speak publicly. Ripple will contribute some of its own XRP as ...