Nasdaq-listed solar power company Vivopower International Plc rose 32.12% to $5.10 on Friday after announcing plans to buy $100 million worth of private Ripple Labs stock, expanding its XRP-focused digital asset library.
The move follows a two-month due diligence that will allow Vivopower to acquire shares of Ripple directly from existing shareholders explain In a Friday press release.
“Our portfolio building strategy is to buy a combination of Ripple stock and XRP tokens. This will allow us to optimize output maximization while also minimizing the weighted average cost of obtaining XRP,” said Kevin Chin, executive chairman and CEO of Vivopower.
Vivopower will continue to acquire XRP (XRP) Tokens became the first publicly listed US company to provide investors with exposure to Ripple Equity and XRP.
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Vivopower Taps Bitgo, Nasdaq’s Ripple Sharing Guardianship
To manage the strategy, Vivopower will work with Bitgo for custody and the Nasdaq Private Market, the preferred partner for Ripple’s private stock trading. Independent auditors will review their corrugated holdings quarterly.
Ripple has created 100 billion XRP in Inception, burning about 14 million tokens to date and holding 41 billion tokens, mainly in custody. In addition to XRP, the company operates RLUSD StableCoin, Digital Asset Prime Broker Hidden Road, Custodians Metaco and Standard Cansody & Trust, and the Stablecoin payment platform Railway.
Vivopower’s management believes that the merged strategy reduces the average acquisition cost per XRP to the implied $0.47, based solely on Ripple’s XRP holdings and excludes the value of its other business lines.
According to the company’s data, the purchase of ripples for every $10 million may increase the estimated value of Vivopower shareholders at $5.15 per share, although it depends on market volatility.
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BDACS launches agency XRP custody in South Korea
South Korean cryptocurrency custodian BDACS on Tuesday Initiated regulated custody services for XRPAfter working with Ripple in February. This move leverages enterprise-class solution Ripple Custody to enable organizations to provide secure storage and management capabilities for XRP.
Earlier this year, Ripple Labs Partner with South Korean cryptocurrency commander BDAC Provides institutional custody support for XRP and its stable shares held in US dollars.
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