VivoPower (VVPR) Secures $121M Funding for XRP Crypto Treasury Initiative with Support from Saudi Investors

VivoPower International, a publicly traded energy company on Nasdaq, announced on Wednesday that it has successfully raised $121 million through a private share placement aimed at transitioning its focus to a digital asset treasury primarily centered around XRP, which ranks as the fourth-largest cryptocurrency by market cap.

The funding round was spearheaded by Saudi Prince Abdulaziz bin Turki Abdulaziz Al Saud, who reportedly invested $100 million, as confirmed by a spokesperson from the firm. VivoPower issued 20 million ordinary shares, each priced at $6.05, in this capital raise, according to the press release.

In a related development, Adam Traidman, a past executive at SBI Ripple Asia, has been appointed as the chairman for the company’s board of advisors. Notably, Ripple is a blockchain service provider that is closely associated with the XRP Ledger.

Following the announcement, VivoPower’s stock experienced a notable increase, reaching up to 26% before settling slightly lower. At one point, shares were trading over 11% higher at around $6.75.

This strategic decision reflects a trend among publicly traded companies increasingly seeking to acquire digital assets as part of their treasury strategies. This approach has gained traction particularly due to notable examples such as Michael Saylor’s company, which is the largest corporate holder of Bitcoin. While Bitcoin remains the most coveted asset, some new entrants like DeFi Development and SharpLink Gaming have chosen to invest in Solana and Ethereum, respectively.

Founded in 2014, VivoPower aims to become the first publicly listed company to implement a cryptocurrency treasury strategy focused on XRP, and it has also outlined plans to spin off its traditional business segments.

In a statement, Prince Abdulaziz expressed his rationale for choosing VivoPower, noting its commitment to XRP and its intention to bolster the XRPL ecosystem. He highlighted his long-term investment in the digital asset space and his sustained interest in XRP over the past decade.