Chinese Firm Webus Files with SEC for XRP Treasury Management Agreement

Webus International Limited, a China-based company, has recently filed a Form 6-K with the United States Securities and Exchange Commission (SEC), signaling a significant strategic collaboration.

This filing, brought to light by XRP lawyer Bill Morgan via a recent post on X, pertains to a Delegated Digital-Asset Management Agreement with Samara Alpha Management LLC, an SEC-registered investment adviser.

Webus Files Reserve Agreement With SEC

This partnership means Samara Alpha Management could handle up to $300 million in XRP. Moreover, Webus plans to obtain these funds through means that do not involve selling company shares. The goal is to establish an XRP reserve.

“Webus has filed its form 6-K with the SEC after signing the previous day a Delegated Digital-Asset Management Agreement with a delegated manager to establish a strategic framework for potential future digital asset treasury operations, which it asserts are focused on XRP management and an authorised mandate cap of up to $300M,” Morgan posted on X.

The deal with Samara Alpha Management, announced on June 2nd, creates a partnership to plan for future digital asset management. Samara Alpha Management will be Webus’s sole digital asset manager, handling assets of up to $300 million. This demonstrates that Webus is committed to leveraging expert financial support in the rapidly evolving digital asset landscape.

Notably, Webus isn’t the only company that sees XRP’s potential for managing company money. VivoPower, another company listed on the Nasdaq, has also started using XRP, raising $121 million to build its own XRP reserve.

Over the last 24 hours, XRP has increased by 3.3%, now trading at $2.25. Additionally, trading volume has increased by 23%, indicating that more people are interested and involved in trading.

Initial Strategic Reserve Fund

CoinTab reported on May 30th that Webus announced its plan to raise $300 million without selling company stock. These funds will be used to establish a special XRP fund aimed at enhancing its international payment system.

Moreover, this is a significant step in transforming its luxury car service into a straightforward, global experience for travelers. The company said it will obtain funds from various sources, including bank loans, shareholder assistance, institutional credit, and its existing capital. This will keep the current stock value from decreasing.

Nan Zheng, the CEO of Webus, explained that the XRP fund is just one part of a three-part plan. The other parts are building their blockchain system with safe records and launching a Web3 rewards token with special digital wallets.