VivoPower Secures $121 Million for XRP Treasury Strategy with Saudi Investment
VivoPower International (VVPR) announced a $121 million private placement to pivot towards a digital asset treasury focused on XRP. The funding was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who invested $100 million. The company sold 20 million shares at $6.05 each.
Adam Traidman, a former Ripple executive, will join as chairman of the board of advisors. VivoPower shares rose up to 26% following the announcement and were trading around $6.75 with an 11% increase.
This strategy aligns with a trend among public firms acquiring digital assets for their treasuries, similar to Michael Saylor's approach with Bitcoin. VivoPower aims to be the first publicly traded company to implement a crypto treasury strategy centered on XRP while planning to divest its legacy business.
Prince Abdulaziz stated that they chose VivoPower due to its focus on XRP and commitment to developing the XRPL ecosystem.