Vivopower International (VVPR), a registered energy company with NASDAQ, said Wednesday it had secured $121 million in funding to the Department of Digital Assets Treasury, focusing on XRP.
XRP$2.26
the fourth largest cryptocurrency by market capitalization.
The pay raise was led by Saudi Prince Abdulaziz bin Torki Abdulaziz al-Saud, and invested $100 million, a company spokesman told Coindesk. The company sold 20 million shares at a price of $6.05 per share.
According to a press release, Adam Traidman, a former Ripple executive who led SBI Ripple Asia, has joined the company as chairman of the Advisory Committee. Ripple is an enterprise-centric blockchain service provider closely related to the XRP ledger.
Vivopower shares surged 26% in the news before returning some of their profits. Recently, they’ve risen by more than 11%, trading around $6.75.
The move is the latest example of a public company that raised funds to buy and add digital assets to their finances, a playbook that has become Bitcoin’s biggest corporate holder (MSTR) popularised playbook.
BTC$107,788.21
. BTC was the most popular asset of these companies, but recent newcomers like Defi Development and Sharplink Gaming have focused on Solana’s Sol
Sol$170.85
and Ethereum’s Ether
ETH$2,655.71
respectively.
Founded in 2014, Vivopower aims to become the first public company with an XRP-centric cryptocurrency strategy. We will also be spin-offs of legacy businesses.
“After reviewing many listed vehicles seeking to embrace the digital asset financing model, we chose Vivopower considering our strategic focus on XRP and its purpose to contribute to building the XRPL ecosystem,” Prince Abdulaziz said in a statement. “We have been investors in the digital assets sector for 10 years and long-term holders of XRP.”
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