A publicly listed electric vehicle battery and energy company is making a major move into the digital asset space, launching a $121 million XRP-focused treasury strategy and appointing a former Ripple executive as chairman of its board.
The company behind the initiative is VivoPower International PLC (Nasdaq: VVPR). The move follows a private capital raise priced at $6.05 per share, slightly above its most recent Nasdaq closing. The round brought in $121 million in gross proceeds and was led by His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud, with participation from institutional digital asset investors and the investment office of VivoPower Chairman Kevin Chin.
VivoPower’s strategy centers on XRP as a core treasury asset while also contributing to the development of the XRP Ledger (XRPL) ecosystem for decentralized finance (DeFi) use cases. The company is believed to be the first publicly traded firm to adopt such a strategy.
This announcement also comes at a pivotal time for XRP, which is expected to be included in President Donald Trump’s proposed Strategic Bitcoin Reserve and United States Digital Asset Stockpile. The initiative aims to secure the country’s leadership in blockchain-based financial infrastructure.
With this move, VivoPower is positioning itself at the intersection of energy innovation and digital finance, signaling a growing convergence between traditional industries and blockchain technologies.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ev-battery-firm-to-launch-121m-xrp-treasury/