Trident, a publicly listed technology services company based in #Singapore , is going against the popular trend of Bitcoin reserves, instead choosing XRP (related to Ripple) as its treasury asset with a fundraising plan of up to $500 million.
The company, whose blockchain-based identity solution is its flagship product and trades on Nasdaq under the ticker TDTH, announced this plan on Thursday. At the same time, they appointed Chaince Securities LLC as a strategic advisor.
Mr. Soon Huat Lim, founder, Chairman, and CEO of Trident, stated in a statement: "As a public company, our commitment to transparency, strong governance, and strategic vision guides every decision we make. We view digital assets as a key factor in the evolution of the global financial landscape."
He added: "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 cautiously and responsibly engage in the ongoing development of decentralized finance."
The deployment plan for Trident's treasury $XRP is expected to occur in the second half of 2025 and will be built using various fundraising strategies, such as issuing shares and structured financial instruments.
While Bitcoin is the most popular token in digital asset treasuries, a few other publicly listed companies have recently announced plans for an XRP treasury.
In May, the healthcare infrastructure company Wellgistics Health announced a $50 million equity credit line plan to purchase XRP related to Ripple and build XRP-supported payment infrastructure. Last week, the Chinese travel booking company Webus also stated that it intends to build a $300 million XRP treasury. Webus's stock rose on the announcement day, but Trident's stock did not perform similarly.
TDTH shares closed down more than 30% on Thursday, and have now fallen over 94% in the past trading year. Meanwhile, XRP dropped 3.5% on the day, to $2.20.