VivoPower International (VVPR), a NASDAQ-LEASTERED energy company, said Wednesday that it has secured $ 121 million in a private stock location to finance his pivot for digital asset box focusing on XRP
The fourth largest cryptocurrency at market value.
The swelling was led by the Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who invested $ 100 million, a spokesman for the company told Coindesk. The company sold 20 million ordinary shares to $ 6.05 per year. Stock.
Adam Traidman, a former Ripple director who led SBI Ripple Asia, joins the company as chairman of the board of directors, according to the press release. Ripple is a business-focused blockchain service provider closely linked to the XRP headbook.
Vivopower shares rose as much as 26% on the news before giving back some of the winnings. Recently, they rose over 11%and traded about $ 6.75.
The move is the latest example of public companies raising money to buy and add digital assets to their treasuries, a playbook popularized by Michael Saylor’s Strategy (MSTR), which has become the largest business owner of Bitcoin
. While BTC has been the most sought -after asset among these companies, the recent newcomers directed as Defi Development and Sharplink Gaming their focus to Solana’s sun and Ethereums ether.
Vivopower, founded in 2014, aims to be the first listed company with a Crypto Treasury strategy centered around the XRP. It also plans to spin his inheritance business.
“After reviewing a series of listed vehicles trying to embrace a digital asset tax model, we chose Vivopower considering its strategic focus on XRP and its goal to help build out of the XRPL ecosystem,” Prince Abdulaziz said in a statement. “We have been investors in the digital asset sector for a decade and have been long -term owners of XRP.”
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