- VivoPower Worldwide has introduced that it has raised $121 million in a non-public share placement to launch an XRP treasury technique.
- The Firm intends to make use of the funds to contribute and put money into the XRPL DeFi ecosystem to scale back debt and for basic company functions.
Since MicroStrategy made headlines in 2020 by making Bitcoin its major treasury reserve asset, different corporations have steadily adopted swimsuit. That transfer helped set a development, and over the previous 30 days alone, company Bitcoin holdings have climbed by 13.21%. Now, Ripple’s XRP, a token identified for its position in cross-border funds, is becoming a member of the chat.
VivoPower, an vitality options firm based mostly in London, has made a transfer that would reshape how publicly traded corporations take into consideration altcoins. Based in 2014 and listed on NASDAQ beneath the ticker VVPR since 2016, VivoPower is thought for offering turnkey decarbonization options aimed toward serving to purchasers attain net-zero carbon emissions. Now, it’s charting new territory because it plans to turn into the primary publicly traded firm to undertake XRP as a treasury reserve asset.
To help this plan, the corporate not too long ago raised $121 million in a non-public placement led by His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud of Saudi Arabia. As per the announcement, the shares had been issued at $6.05, notably above their most up-to-date closing worth on NASDAQ.
Shared Imaginative and prescient for a Scalable XRP Technique
Prince Abdulaziz emphasised the strategic rationale behind the funding, stating: “Now we have been traders within the digital asset sector for a decade and have been long-term holders of XRP. After reviewing various listed autos 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 the XRPL ecosystem. Moreover, we’re dedicated to the long-term partnership goal that we share with Kevin Chin and his workforce.”
Echoing that imaginative and prescient, Kevin Chin, Govt Chairman of VivoPower, emphasised the shared targets behind the corporate’s daring transfer. “As a long-term holder of XRP myself,” he mentioned,
all of us share a typical imaginative and prescient and goals with reference to how a publicly listed XRP-focused treasury firm will be scaled for the advantage of the XRP group and VivoPower stakeholders alike.
As a part of the pivot, Adam Traidman, former Ripple board member and blockchain entrepreneur, has joined the hassle. He’s investing within the providing and has additionally been appointed Chairman of VivoPower’s Board of Advisors.
A shareholder assembly to approve the proposed technique is anticipated to be held on or round June 18, 2025. Finalization of the transaction stays contingent on a number of circumstances, together with no materials antagonistic modifications, the continued itemizing of VivoPower shares, and all events fulfilling their obligations beneath the Subscription Agreements. The funds raised is not going to solely help the XRP initiative however will even be used to scale back firm debt and canopy basic company bills.
Regardless of the joy for the announcement, the market hasn’t but responded properly. XRP is priced at $2.29, down 5.66% over the previous week and one other 0.29% within the final 24 hours. Nevertheless, the buying and selling quantity has surged by 24.42% to $2.64 billion, displaying there may be elevated investor curiosity.
In the meantime, derivatives metrics current a blended image. Open curiosity declined by 2.32%, settling at $4.73 billion, whereas choices quantity dropped by 13.01% to simply $1.20 thousand. Nevertheless, choices open curiosity moved in the other way, rising by 3.40% to succeed in $2.13 million.
