Former SEC Lawyer Doubts $17M XRP Buy By Reliance, Here’s Why

A report circulating across crypto media claims that Reliance Group Global has added $17 million worth of XRP to its digital asset treasury. The claim follows an SEC filing dated September 30, 2025, in which the company disclosed adding XRP to its holdings alongside Bitcoin, Ethereum, and Cardano.

The company said in the filing that it is interested in “cryptos with strong fundamentals and real world utility.”

Reliance Expands Treasury Holdings

Reliance Group Global, a NASDAQ-listed insurance broker, said the addition of XRP fits its broader plan to explore digital assets and blockchain technology. The company has traditionally offered insurance broker and agency services, and its interest in XRP has led to speculation that it may be exploring tokenized insurance policies or blockchain-based payment integrations.

This would be similar to moves made by pharmacy and travel companies that have also acquired XRP and hinted at future XRPL-based payment integrations.

Expert Raises Questions Over $17 Million Figure

However, former SEC lawyer Marc Fagel questioned the accuracy of the rumored $17 million XRP purchase.

He wrote, “BTW, Bill, where did you get that $17m figure? It’s not in the press release, and is now being bandied about by all the usual scammy crypto blogs. Yet RELI has less than $2m cash on its balance sheet and is losing millions of dollars each quarter.”

Fagel also took aim at how the company is being portrayed online, writing, “‘NASDAQ listed public company’ = small insurance broker with significant losses operating out of a suburban NJ rental space. Not exactly being endorsed by Microsoft or nVidia here.”

His comments have raised doubts about whether the company could afford such a large XRP purchase, given its reported financial position.

Community Defends Move as Strategic

XRP supporter and attorney Bill Morgan countered that Reliance’s move could still be legitimate and practical. He argued that holding crypto assets could help the company reduce debt if their value rises and that adopting blockchain technology for tokenized policies or fast payments could ultimately lower operational costs.