VivoPower Worldwide (VVPR), a Nasdaq-listed power firm, stated on Wednesday it has secured $121 million in a non-public share placement to fund its pivot to digital asset treasury specializing in XRP
, the fourth largest cryptocurrency by market capitalization.
The increase was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, investing $100 million, a spokesperson to the corporate instructed CoinDesk. The corporate offered 20 million abnormal shares priced at $6.05 per share.
Adam Traidman, a former Ripple govt who led the SBI Ripple Asia, is becoming a member of the corporate as chairman of the board of advisors, in line with the press launch. Ripple is an enterprise-focused blockchain service supplier intently associated to the XRP Ledger.
VivoPower shares surged as a lot as 26% on the information earlier than giving again a few of the positive aspects. Just lately, they have been up over 11%, buying and selling round $6.75.
The transfer is the newest instance of public corporations elevating cash to buy and add digital belongings to their treasuries, a playbook popularized by Michael Saylor’s Technique (MSTR) that has grow to be the biggest company holder of bitcoin
. Whereas BTC has been probably the most sought-after asset amongst these corporations, latest newcomers like DeFi Improvement and SharpLink Gaming directed their focus to Solana’s SOL and Ethereum’s ether , respectively.
VivoPower, based in 2014, goals to be the primary publicly traded firm with a crypto treasury technique centered round XRP. It additionally plans to spin off its legacy enterprise.
“After reviewing quite a few listed autos looking for to embrace a digital asset treasury mannequin, we chosen VivoPower given its strategic give attention to XRP and its goal to contribute to constructing out of the XRPL ecosystem,” Prince Abdulaziz stated in a press release. “We have now been buyers within the digital asset sector for a decade and have been long-term holders of XRP.”
Learn extra: Dubai Unveils Actual Property Tokenization Platform on XRP Ledger Amid $16B Initiative
