VivoPower’s $121M Adventure: Royal Backing and Crypto Dreams! 💸👑

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What to know:

  • VivoPower International (VVPR) has raised a whopping $121 million to dive headfirst into the world of digital assets, all while clutching onto XRP like it’s the last slice of pizza at a party. 🍕
  • The fundraising was led by none other than Saudi Prince Abdulaziz bin Turki Al Saud, because who else would you want backing your crypto dreams? Former Ripple executive Adam Traidman is also joining the fun as chairman of the board of advisors. 🎉
  • VivoPower is on a mission to be the first publicly-traded company with an XRP treasury strategy, because why not join the digital asset craze? 🚀

So, VivoPower International (VVPR), a Nasdaq-listed energy company, announced on Wednesday that it has secured $121 million in a private share placement to fund its pivot to a digital asset treasury focusing on XRP, the fourth largest cryptocurrency by market cap. Talk about a glow-up! 💁‍♀️

The raise was led by Saudi Prince Abdulaziz bin Turki Al Saud, who decided to invest a cool $100 million. A spokesperson told CoinDesk that the company sold 20 million ordinary shares priced at $6.05 each. I mean, who needs a yacht when you can have XRP, right? 🛥️

Adam Traidman, the former Ripple executive who led the SBI Ripple Asia, is joining the company as chairman of the board of advisors. Because if you’re going to play in the crypto sandbox, you might as well have a seasoned pro on your team! 🏖️

VivoPower shares surged by 26% on the news before doing a little dance and giving back some of those gains. Recently, they were up over 11%, trading around $6.75. It’s like watching a rollercoaster, but with money! 🎢

This move is just the latest example of public firms raising money to buy digital assets, a strategy made famous by Michael Saylor’s playbook (MSTR), which has become the largest corporate holder of Bitcoin. While BTC is the belle of the ball, newcomers like DeFi Development and SharpLink Gaming are eyeing Solana’s SOL and Ethereum‘s ether, respectively. Talk about a crypto love triangle! 💔

Founded in 2014, VivoPower aims to be the first publicly traded company with a crypto treasury strategy centered around XRP. They also plan to spin off their legacy business, because who needs the past when you have a shiny new future? ✨

“After reviewing a number of listed vehicles seeking to embrace a digital asset treasury model, we selected VivoPower given its strategic focus on XRP and its objective to contribute to building out the XRPL ecosystem,” Prince Abdulaziz said in a statement. “We have been investors in the digital asset sector for a decade and have been long-term holders of XRP.” Well, that’s one royal endorsement! 👑

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2025-05-28 22:31