VivoPower Raises $121 Million To Create $XRP Treasury
Nasdaq-listed VivoPower has achieved a major milestone by becoming the first public company to create an XRP-focused Treasury. To kickstart this initiative, the company has already raised up to $121 million, which it will use to acquire the altcoin.
In a press release, VivoPower announced an XRP-focused digital asset Treasury Strategy, which will encompass the contribution to building out the XRPL ecosystem for real-world decentralized finance blockchain solutions.
The company made this announcement while noting that the altcoin could be one of the five digital assets that the US government will accumulate as part of the Strategic Bitcoin Reserve and Digital Asset Stockpile that Donald Trump announced months ago.
As part of the move to create this treasury, VivoPower revealed that it has raised $121 million through a private placement, with investors buying an aggregate of 20 million ordinary shares at $6.05 per share.
The company stated that His Royal Highness, Prince Abdulaziz bin Turki Abdulaziz Al Saud, Chairman of Eleventh Holding Company in Saudi Arabia, spearheaded the private offering.
Meanwhile, a number of other crypto investors also participated in this fundraising.
This move to launch the XRP treasury comes just as companies continue to explore altcoins as a reserve asset.
As we reported, Sharplink Gaming raised $425 million to buy Ethereum. Sol Strategies also filed a $1 billion shelf prospectus for future Solana investments.
