- VivoPower International raised $121 million in a private share sale to fund its shift to an XRP-centric digital asset strategy.
- Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud led the investment, contributing $100 million.
- The company issued 20 million shares at $6.05 each, above the last closing stock price.
- Former Ripple executive Adam Traidman will become chairman of the board of advisors.
- VivoPower seeks to become the first public company to focus its corporate holdings on XRP, planning to spin off its current core business.
VivoPower International, a company listed on the Nasdaq, announced on Wednesday that it secured $121 million in a private stock placement to shift its business toward a digital asset treasury strategy focused on XRP, the world’s fourth-largest cryptocurrency by market cap.
A spokesperson said the capital raise was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who invested $100 million. The firm sold 20 million ordinary shares, priced at $6.05 each, which is above its most recent market closing price.
According to a company announcement, Adam Traidman – a former executive at Ripple and former head of SBI Ripple Asia – will join VivoPower as chairman of the board of advisors. Ripple is a blockchain-focused company that supports the XRP Ledger, the underlying network powering XRP tokens.
VivoPower shares surged by as much as 26% after the news, before settling to an 11% increase, with shares trading near $6.75. The company stated it aims to be the first publicly traded company to center its treasury around XRP. It will also spin off its existing core business to focus fully on digital assets.
Publicly traded firms have increasingly sought to purchase and hold digital assets as part of their treasury, a strategy made popular by Michael Saylor’s company, MicroStrategy, which is a prominent corporate holder of Bitcoin. While most such strategies have centered on bitcoin, some newcomers have chosen to focus on other cryptocurrencies, such as Solana’s SOL and Ethereum‘s Ether.
Saudi Prince Abdulaziz said in a statement, “After reviewing a number of listed vehicles seeking to embrace a digital asset treasury model, we selected VivoPower given its strategic focus on XRP and its objective to contribute to building out of the XRPL ecosystem.” He added that his group has invested in digital assets for a decade and has long-term holdings in XRP.
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