VivoPower Raises $121M to Launch XRP Treasury Strategy With Saudi Royal Backing

2 weeks ago

VivoPower International (VVPR), a Nasdaq-listed vigor company, said connected Wednesday it has secured $121 cardinal successful a backstage stock placement to money its pivot to integer plus treasury focusing connected XRP XRP, the 4th largest cryptocurrency by marketplace capitalization.

The rise was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, investing $100 million, a spokesperson to the institution told CoinDesk. The institution sold 20 cardinal mean shares priced astatine $6.05 per share.

Adam Traidman, a erstwhile Ripple enforcement who led the SBI Ripple Asia, is joining the institution arsenic president of the committee of advisors, according to the property release. Ripple is an enterprise-focused blockchain work supplier intimately related to the XRP Ledger.

VivoPower shares surged arsenic overmuch arsenic 26% connected the quality earlier giving backmost immoderate of the gains. Recently, they were up implicit 11%, trading astir $6.75.

The determination is the latest illustration of nationalist firms raising wealth to acquisition and adhd integer assets to their treasuries, a playbook popularized by Michael Saylor's Strategy (MSTR) that has go the largest firm holder of bitcoin BTC. While BTC has been the astir sought-after plus among these firms, caller newcomers similar DeFi Development and SharpLink Gaming directed their absorption to Solana's SOL SOL and Ethereum's ether ETH, respectively.

VivoPower, founded successful 2014, aims to beryllium the archetypal publically traded institution with a crypto treasury strategy centered astir XRP. It besides plans to rotation disconnected its bequest business.

"After reviewing a fig of listed vehicles seeking to clasp a integer plus treasury model, we selected VivoPower fixed its strategical absorption connected XRP and its nonsubjective to lend to gathering retired of the XRPL ecosystem," Prince Abdulaziz said successful a statement. "We person been investors successful the integer plus assemblage for a decennary and person been semipermanent holders of XRP."

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