Ripple Token Soars with VivoPower’s Latest XRP Treasury Strategy Move

VivoPower International PLC, a Nasdaq-listed company, has successfully closed a $19 million equity raise, bolstering its XRP treasury strategy. This significant funding, raised via an additional common stock offering priced at $6.05 per share, will fuel the focus on acquiring, managing, and long-term holding of the Ripple token.

VivoPower Secures $19M in Equity Raise

In a recent official announcement , Vivopower announced its strategic acquisition of $19 million in equity funds. This raise was secured through the issuance of additional common shares priced at $6.05 per share, a premium to the previous market close.

Significantly, the move is expected to boost VivoPower’s XRP treasury strategy by enabling the company to acquire, manage, and hold the token. It is part of the company’s digital asset treasury plans, which it announced earlier this year. In August, CEO Kevin Chin noted,

“Our portfolio construction strategy is to buy a combination of Ripple shares and…okens. This will allow us to optimize for yield maximization while also minimizing the weighted average cost of XRP acquired.”

Initially, the firm announced its plans to invest $100 million in Ripple as part of its XRP treasury strategy. Following this pivotal move, the company became the first public US firm to provide investors with exposure to both Ripple equity and the cryptocurrency.

In response to the $19 million funding, the VivoPower stock price has seen a marginal surge of 1.36%, reaching $5.13. Despite a 0.58% decline over the past month, the shares have soared by about 1.5% over the past five days.

Token Price Surges

The company’s Ripple token strategy has significantly contributed to the XRP price’s current trajectory. Now, the cryptocurrency is trading in the green zone, up by about 4% in a day. Currently valued at $2.96, the second-largest altcoin has seen notable upticks of 3.7% and 5.5% over the past week and month, respectively.

Driven by this positive track, traders and investors are showing growing interest in the crypto. This is significantly evident in the massive 32% hike in the 24-hour trading volume, which is currently marked at $6.64 billion. As the community engagement and crypto activity grow, the crypto is likely to secure its future potential.