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 informed CoinDesk. The corporate 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 accordance 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. Just lately, 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 Technique (MSTR) that has turn into the most important company holder of bitcoin
BTC$107,788.21
. Whereas BTC has been essentially the most sought-after asset amongst these companies, 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 quite a few listed automobiles in search of 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
