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VivoPower International PLC, a solar energy company listed on Nasdaq, saw a significant increase of 32.12%, rising to $5.10 on Friday.

 

This spike followed the company’s announcement of plans to expand its digital asset treasury strategy, specifically targeting XRP. VivoPower intends to invest $100 million in privately held shares of Ripple Labs. The purchase will be made directly from existing shareholders and comes after two months of thorough due diligence.

This acquisition is still subject to approval from the executive management, as stated in a press release issued on Friday.

Kevin Chin, the executive chairman and CEO of VivoPower, shared, “We plan to build our portfolio by purchasing both XRP tokens and Ripple shares. This strategy will help us reduce the average cost of XRP acquired while aiming to maximize returns.” VivoPower will be the first publicly traded U.S. company to offer investors exposure to both Ripple equity and XRP, and will continue to purchase XRP tokens directly.

Ripple’s preferred partner for private share transactions, to oversee its strategy, manage custody, the company will collaborate with BitGo and subscribe to Nasdaq Private Market. An independent auditor will review VivoPower’s Ripple holdings.

Ripple itself began with a total of 100 billion XRP, of which approximately 14 million have been burned, leaving the company with about 41 billion XRP, largely held in escrow. In addition to XRP, VivoPower operates the stablecoin payment platform Rail and works with custodians MetaCo and Standard Custody and Trust. It also manages the RLUSD stablecoin and the digital asset prime broker Hidden Road, enhancing VivoPower’s leadership in the digital asset space.