What You Need to Know:

• VivoPower International (VVPR) has announced a $121 million private share placement to transition towards a strategy focusing on a digital asset treasury linked with XRP.
• The investment drive is spearheaded by Saudi Prince Abdulaziz bin Turki Al Saud, who will be contributing $100 million, along with former SBI Ripple Asia executive Adam Traidman stepping in as chairman of the advisory board.
• VivoPower seeks to be the inaugural publicly traded company with such a treasury strategy as businesses increasingly integrate digital assets into their fiscal plans.

VivoPower International (VVPR), the energy firm listed on Nasdaq, revealed that it has finalized agreements for a $121 million private share placement to aid its shift toward engaging with digital assets centered on XRP, which is currently the fourth-largest cryptocurrency by market cap.

The fundraising effort is led by Saudi Prince Abdulaziz bin Turki Al Saud, who is to invest $100 million. VivoPower plans to offer 20 million shares, each priced at $6.05, adhering to guidelines set by the SEC.

Additionally, Adam Traidman, a seasoned executive from SBI Ripple Asia, will take charge as chairman of the board of advisors, according to announcements made via the press release. Ripple is well-known as a blockchain service provider closely aligned with the XRP Ledger.

Following the announcement, shares of VivoPower climbed up to 26% before stabilizing with a rise over 11%, currently trading at around $6.75.

This initiative aligns with the rising trend of public firms securing funding to invest in and incorporate digital currencies within their treasury strategies, a concept made popular by Michael Saylor’s Strategy (MSTR) which has established it as the largest corporate holder of Bitcoin. Although Bitcoin has usually dominated this narrative, newer entrants such as DeFi Development and SharpLink Gaming are now focusing on Solana and Ethereum respectively.

Founded in 2014, VivoPower is setting its sights on becoming the first publicly traded entity with an XRP Treasury strategy while also planning to divest its legacy business.

“After reviewing multiple public companies eager to adopt a digital asset treasury model, we determined that VivoPower was the optimal choice due to its focused strategy on XRP and ambition to enhance the XRPL ecosystem,” stated Prince Abdulaziz in their press release. “We have been engaged investors in the digital asset market for a decade and have maintained long-term positions in XRP.”

Read More: XRP Spot ETF in the U.S. Moves Closer to Reality

UPDATE (22:08 UTC): Adds SEC filing.