VivoPower International PLC (Nasdaq: VVPR), a listed energy company, announced that it raised $121 million in a private share placement to launch an XRP treasury strategy. The raise was led by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who invested $100 million. The company sold 20 million shares at $6.05 per share, slightly above its last closing price.
According to the press release, the funding will help VivoPower become the first public company to adopt an XRP-focused treasury model. XRP is the fourth-largest cryptocurrency by market value. The company also aims to support the XRPL, a blockchain network for decentralized finance.
“We selected VivoPower given its strategic focus on XRP and its objective to contribute to building out of the XRPL ecosystem,” Prince Abdulaziz said in a statement. VivoPower’s Executive Chairman, Kevin Chin, said the support from Prince Abdulaziz was a major milestone. “We all share a common vision and objectives with regards to how a publicly listed XRP-focused treasury company can be scaled,” he stated.
The company plans to spin off its current businesses, Tembo, an electric vehicle brand, and Caret Digital, a digital mining firm by the end of Q3 2025. Following the announcement, VivoPower shares jumped as much as 26% before stabilizing. As of the time of writing, the share is trading at $6.75, an 11% increase from the previous close.
Adam Traidman, former Ripple executive and co-founder of blockchain firms, recently joined VivoPower as Chairman of the Board of Advisors. In the press release, he noted that “VivoPower’s initiative to become the first publicly listed company with an XRP-centric treasury strategy is a forward-thinking move,”
The offering was handled by Chardan as the sole placement agent, and the shares were sold under Regulation S, which allows offerings to non-U.S. investors without SEC registration. The deal still needs shareholder approval, with a meeting scheduled for June 18, 2025. VivoPower will also use part of the funds to pay down debt and cover general costs.
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