VivoPower Worldwide (VVPR), a Nasdaq-listed vitality firm, stated on Wednesday it has secured $121 million in a personal share placement to fund its pivot to digital asset treasury specializing in XRP
XRP$2.26
, the fourth largest cryptocurrency by market capitalization.
The elevate was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, investing $100 million, a spokesperson to the corporate advised CoinDesk. The corporate bought 20 million bizarre 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, based on 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 number of the beneficial properties. Just lately, they had been up over 11%, buying and selling round $6.75.
The transfer is the most recent instance of public corporations elevating cash to buy and add digital property to their treasuries, a playbook popularized by Michael Saylor’s Technique (MSTR) that has turn into the most important company holder of bitcoin
BTC$107,788.21
. Whereas BTC has been probably the most sought-after asset amongst these corporations, current newcomers like DeFi Improvement and SharpLink Gaming directed their focus to Solana’s SOL
SOL$170.85
and Ethereum’s ether
ETH$2,655.71
, 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 lot of listed automobiles 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 an announcement. “We’ve got been traders 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
