$XRP ☀️Trident's stock plummets after announcing future XRP purchases

The Singaporean company listed on NASDAQ will employ a strategy "like Michael Saylor's," but with Ripple's cryptocurrency. The acquired XRP will be long-term strategic reserves.

They will implement staking mechanisms to generate higher returns.

Joining the growing wave of cryptocurrency adoption in the corporate world is Trident, a technology company based in Singapore and listed on NASDAQ, which announced yesterday, June 12, a plan to raise up to 500 million dollars through convertible bonds. Part of the raised funds will be used to acquire XRP, the cryptocurrency issued by Ripple.

This approach, inspired by the accumulation strategy of bitcoin (BTC) led by Michael Saylor, president of Strategy, aims to position the company as a relevant player in the decentralized finance (DeFi) ecosystem, the statement notes. Trident reported that the XRP obtained in the purchase will be kept as "long-term strategic reserves." Additionally, the company will implement the mechanism of "staking in the Ripple ecosystem to generate returns." This last point is noteworthy, as XRP does not use a staking system, since it is not based on proof of stake (PoS).

To finance this initiative, Trident will combine "stock issuance, strategic placements, and structured financing instruments," it indicated. The company stated that it is already in talks with cryptocurrency foundations and institutional partners to secure favorable conditions and a solid on-chain infrastructure. This approach seeks to ensure the feasibility and impact of the project in the market.

The launch of the treasury in XRP is scheduled for the second half of 2025.