Vivopower International (VVPR), an energy company listed at NASDAQ, said on Wednesday that it had obtained $ 121 million in a private action placement
The fourth largest cryptocurrency by market capitalization.
The increase was led by Saudi Prince Abdulaziz Bin Turki Abdulaziz Al Saud, investing $ 100 million, a company spokesman. The company sold 20 million ordinary shares at a price of $ 6.05 per share.
Adam Traidman, a former Ripple executive who managed SBI Ripple Asia, joined the company as chairman of the board of directors, according to the press release. Ripple is a blockchain service provider focused on the company closely linked to the large XRP book.
Vivopower’s actions jumped up to 26% on news before restoring certain gains. Recently, they increased by more than 11%, exchanging about $ 6.75.
This decision is the latest example of public enterprises collecting funds to buy and add digital assets to their treasury bills, a game book popularized by the strategy of Michael Saylor (MSTR) which has become the biggest Bitcoin company holder
. While the BTC was the most sought after assets among these companies, new recent arrivals such as Defi Development and Sharplink Gaming have oriented their Solana and Etherum ether respectively.
Vivopower, founded in 2014, aims to be the first company listed on the stock market with a cryptographic cash strategy centered on XRP. He also plans to turn his inherited activity.
“After examining a certain number of vehicles listed seeking to adopt a digital asset cash model, we have selected Vivopower given its strategic development on XRP and its objective of contributing to the construction of the XRPL ecosystem,” said Prince Abdulaziz in a press release. “We have been investors in the digital asset sector for a decade and long -term XRP holders.”
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