VivoPower Worldwide (VVPR), a Nasdaq-listed power firm, mentioned on Wednesday it has secured $121 million in a non-public share placement to fund its pivot to digital asset treasury specializing in XRP
XRP$2.26
, 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 advised CoinDesk. The corporate offered 20 million strange 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 response to 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 features. Not too long ago, they have 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 belongings to their treasuries, a playbook popularized by Michael Saylor’s Technique (MSTR) that has develop into the most important company holder of bitcoin
BTC$107,788.21
. Whereas BTC has been essentially the most sought-after asset amongst these corporations, latest 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 plenty of listed autos searching for to embrace a digital asset treasury mannequin, we chosen VivoPower given its strategic concentrate on XRP and its goal to contribute to constructing out of the XRPL ecosystem,” Prince Abdulaziz mentioned in a press release. “We have now been traders within the digital asset sector for a decade and have been long-term holders of XRP.”
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