VivoPower International PLC, a company listed on the New York Stock Exchange, has secured $121 million through a private Regulation S offering to establish the world’s first publicly traded corporate treasury focused on XRP. This investment round was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, whose Eleventh Holding Company committed nearly $100 million. Investors acquired 20 million new common shares under this agreement, providing VivoPower with immediate financial stability. Kevin Chen, VivoPower’s Executive Chairman, described the investment as transformative for the company.
Prince Abdulaziz, a decade-long investor in digital assets and a long-term XRP holder, recently met with former U.S. President Donald Trump. Following this meeting, he identified this period as an opportune moment to advance blockchain technology and digital assets within Saudi Arabia. VivoPower’s strategy extends beyond merely building an XRP-focused treasury; the company aims to foster decentralized finance (DeFi) projects on the XRP Ledger. Additionally, VivoPower plans to spin off its electric vehicle units, Tembo and Caret Digital.
Adam Trudeman, former Ripple board member and co-founder of SBI Ripple Asia, hailed this initiative as a pioneering step in applying blockchain technology to practical, real-world use cases. VivoPower highlighted that recent U.S. government policies have recognized XRP among five selected digital assets, marking a significant development in the sector.
Pending investor approval, VivoPower intends to hold XRP assets worth nine figures on its balance sheet, signaling the beginning of a new era where a single-token-based corporate treasury plays a prominent market role. This announcement has generated considerable excitement within the cryptocurrency community and is regarded as a pivotal moment in XRP’s history.
Source: bitcoinist
