Nasdaq-Listed Webus Officially Files with SEC for $300M XRP Reserve

Institutions are starting to recognize the upsides of an XRP treasury, with Webus, a Nasdaq-listed firm, joining the growing list of firms looking to hold the asset. Webus International, an automotive and hospitality company, has filed an update form with the US Securities and Exchange Commission (SEC). It declared in the Form 6-K filing on Tuesday its intention to create an XRP corporate treasury. https://twitter.com/thecryptobasic/status/1930204049518833706 A $300M Initial XRP Treasury Strategy For the uninitiated, foreign firms listed in the American market use the Form 6-K filing to communicate updates to US investors. Webus submitted the form to the US SEC on June 2, disclosing its intention to hold XRP, the fourth-largest cryptocurrency by market capitalization. To fund the corporate XRP treasury, the Nasdaq-listed company would leverage debt vehicles, a new norm among treasury companies following the success of Michael Saylor’s Strategy (formerly MicroStrategy). Webus had announced on May 29 that it would raise $300 million through non-equity and credit financings to buy and hold XRP. Meanwhile, Webus’ proposed XRP treasury reserve is in partnership with Samara Alpha Management LLC, a top-tier asset management firm based in New York. The hedge fund seeding platform would manage Webus’ $300 million XRP treasury deal. Webus to Integrate Ripple Payment Remarkably, the Chinese automotive company is not only creating an XRP corporate reserve, but it is also integrating Ripple’s payment system for effortless, blockchain-based transactions. Webus would leverage Ripple’s institutional-grade cross-border payment network for frictionless settlement, eroding the slow and costly traditional system. The XRP Ledger ranks among the fastest blockchains in the crypto space, settling transactions within 3-5 seconds and at a meager fee. Ripple uses the Ledger for its seamless cross-border business, and Webus would now integrate it to increase swift transactions and booking transparency for its hospitality venture. Institutional Adoption of XRP Treasuries Escalates As crypto treasuries are becoming increasingly commonplace, XRP is among the digital assets that companies are hoarding in their reserve. As with Bitcoin and Ethereum, firms are also creating reserves for the XRPL native token. Just last month, VivoPower , another Nasdaq-listed firm, announced the launch of an XRP treasury strategy, claiming it was the first among publicly traded companies to do so. The company also raised $121 million through a private placement led by a Saudi Arabian prince. Meanwhile, Wellgistics Health also announced in May that it would raise $50 million to buy and adopt XRP as a treasury asset, while also incorporating the asset in its new blockchain-based payment system.