Singapore-based technology firm Trident Digital Tech Holdings Ltd. (TDTH) has announced its plans to raise $500 million to buy XRP (XRP). The company seeks to create one of the first large-scale corporate XRP treasuries in the world.
However, amid border geopolitical tensions, the firm’s stock TDTH saw a double-digit decline at market close yesterday. XRP’s value also took a hit.
Trident Digital to Buy $500 Million in XRP
As per the press release, the company intends to raise capital through a combination of equity issuance, private placements, and structured financing instruments. Pending regulatory approvals and market conditions, deployment is scheduled for the second half of 2025.
The financing plan involves acquiring XRP tokens for long-term strategic reserves. However, rather than simply holding, Trident will implement staking mechanisms to generate yield. It also seeks to strengthen engagement with the Ripple ecosystem.
Trident has appointed Chaince Securities LLC, a US-based FINRA-registered broker-dealer, as its strategic advisor to ensure regulatory compliance and guide the initiative.
“This initiative reflects our belief in the transformative potential of blockchain technology for capital allocation and cross-border value transfer. Through this initiative, Trident aims to demonstrate how public companies can thoughtfully and responsibly participate in the ongoing development of decentralized finance,” Trident’s CEO, Soon Huat Lim, said.
Trident now joins the Chinese collective mobility services firm Webus, which recently announced a $300 million XRP treasury plan. Moreover, BeInCrypto highlighted that VivoPower is pivoting to become the first XRP-centric digital asset company. The firm will focus on acquiring, managing, and holding XRP to support the growth of the XRP Ledger (XRPL).
These moves come amid growing institutional interest in cryptocurrencies as corporate treasury assets. Recently, Sugnum CIO noted that after Bitcoin (BTC) and Ethereum (ETH), institutional investors are leaning towards XRP and Solana to diversify their digital asset portfolios.
Despite the strategic vision, TDTH closed down 30.2% yesterday. In pre-market trading, the prices saw a modest uptick of 0.58%.
Trident (TDTH) Stock Performance. Source: Google Finance
Nonetheless, TDTH shares have fallen 94.1% over the past year, which may reflect investor concerns about the company’s financial health.
XRP also faced downward pressure. At press time, it was trading at $2.1, down 6.1% over the past day. However, the decline wasn’t isolated. The entire market declined due to the escalating Israel-Iran conflict.
XRP Price Performance. Source: BeInCrypto
While geopolitical pressure continues to weigh on the altcoin, a recent legal development may be the boost it needs to recover. BeInCrypto reported that Ripple and the SEC have filed a joint motion with the Manhattan District Court to resolve their legal battle. If the process goes well, it could boost investor confidence in XRP.
