VivoPower (VVPR) Raises $121M for XRP Crypto Treasury Strategy With Saudi Backing

VivoPower International (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 firm offered 20 million atypical shares priced at $6.05 per share.

Adam Traidman, a former Ripple government who led the SBI Ripple Asia, is becoming a member of the corporate as chairman of the board of advisors, in keeping with the press launch. Ripple is an enterprise-focused blockchain service supplier carefully 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 factors. Recently, they had been up over 11%, buying and selling round $6.75.

The transfer is the newest instance of public companies elevating cash to buy and add digital property to their treasuries, a playbook popularized by Michael Saylor’s Strategy (MSTR) that has develop into the most important company holder of bitcoin

. While BTC has been probably the most sought-after asset amongst these companies, current newcomers like DeFi Development 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 a number of listed vehicles seeking to embrace a digital asset treasury model, we selected VivoPower given its strategic focus on XRP and its objective to contribute to building out of the XRPL ecosystem,” Prince Abdulaziz stated in a press release. “We have been investors in the digital asset sector for a decade and have been long-term holders of XRP.”

Read extra: Dubai Unveils Real Estate Tokenization Platform on XRP Ledger Amid $16B Initiative