XRP News Today: VivoPower Raises $121 Million to Transition into XRP-Focused Treasury Platform

VivoPower International, a company specializing in electric batteries, vehicles, and solar power solutions, has announced a significant strategic move. The company has agreed to raise $121 million in private capital to transition into an XRP-focused treasury platform. This initiative is part of VivoPower's broader strategy to leverage blockchain technology and digital assets.

The capital raise involves the sale of 20 million ordinary shares at $6.05 each, slightly above the previous market close of $6.04. The round was led by His Royal Highness Prince Abdulaziz bin Turki Abdulaziz Al Saud, with participation from institutional digital asset investors, the investment office of VivoPower Chairman Kevin Chin, and other strategic stakeholders.

The funds will be primarily used to accumulate XRP and develop infrastructure that supports the XRP Ledger (XRPL) for real-world decentralized finance (DeFi) use cases. Additionally, VivoPower plans to allocate capital to reduce debt and support corporate operations. The company views this treasury as complementary to recent initiatives by the US government, which reportedly includes XRP as one of five core digital assets.

In conjunction with the capital raise, Adam Traidman, a former Ripple board member, has invested in the round and joined VivoPower’s board of advisors as chairman. Traidman cited the strength of the XRPL ecosystem and noted that the move reflects broader institutional adoption of blockchain infrastructure. Chairman Kevin Chin emphasized that VivoPower’s decision is driven by firsthand experience with cross-border payments and the friction they create. Chin highlighted practical blockchain applications within VivoPower’s electric vehicle unit, Tembo, and mining infrastructure arm, Caret Digital. Both subsidiaries are scheduled for spin-off by the end of the third quarter.

The private offering is contingent upon shareholder approval, which will be sought at a meeting scheduled for June 18 or shortly thereafter. The deal also requires the fulfillment of customary conditions, including the absence of material adverse changes or termination of the purchase agreements.

This strategic shift by VivoPower underscores the growing interest in digital assets and blockchain technology within the corporate sector. By focusing on XRP and the XRPL, VivoPower aims to enhance its operational efficiency and explore new opportunities in the DeFi space. The addition of Adam Traidman to the board further strengthens VivoPower’s expertise in blockchain and digital assets, positioning the company for future growth and innovation.