VivoPower partners with BitGo for XRP digital asset strategy

NEW YORK - VivoPower International PLC (NASDAQ:VVPR), a company transitioning into a XRP-focused treasury and decentralized finance solutions enterprise, has announced a strategic partnership with BitGo, the leading infrastructure provider for digital asset solutions. The collaboration will see VivoPower leverage BitGo’s over-the-counter (OTC) trading desk and custody platform to establish its digital asset treasury strategy.

The partnership will enable VivoPower to utilize BitGo exclusively for the initial acquisition of $100 million worth of XRP tokens, as well as for the trading and secure storage of its XRP holdings. BitGo’s OTC trading desk operates 24/7/365, offering VivoPower access to deep liquidity and robust execution capabilities. Additionally, BitGo’s custody platform is expected to provide secure cold storage infrastructure for VivoPower’s digital assets.

Kevin Chin, Executive Chairman and CEO of VivoPower, emphasized the company’s commitment to building a leading digital asset treasury strategy and expressed confidence in BitGo’s ability to execute and safeguard their treasury allocation. Mike Belshe, CEO of BitGo, also remarked on VivoPower’s commitment to digital assets, highlighting the institutional momentum in the ecosystem and BitGo’s role in providing a comprehensive platform for companies to confidently enter the digital asset space.

This strategic partnership underscores BitGo’s growing role as a trusted custodian and premier trading partner for institutions engaging in large block trades. BitGo’s platform is designed to offer seamless execution and industry-leading custody within a secure and compliant environment.

VivoPower has recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a public offering of its ordinary shares. The company has raised US$121 million to fund its strategic shift towards XRP digital assets and support decentralized finance infrastructure.

This partnership announcement is based on a press release statement from VivoPower International PLC.

In other recent news, VivoPower International PLC has successfully completed a private capital raise of approximately $121 million, with shares priced at $6.05 each. This funding round was led by Prince Abdulaziz bin Turki Abdulaziz Al Saud and included Adam Traidman, former Ripple board member, who also joins as Chairman of the Board of Advisors. The raised capital is aimed at purchasing XRP, marking VivoPower as the first public company to adopt an XRP-centric treasury approach, and will also be used for debt reduction and general corporate purposes. Additionally, VivoPower is assessing a revised $200 million bid from Energi Holdings Limited for a 51% stake in its subsidiary, Tembo e-LV B.V., with Energi supporting Tembo’s planned business combination with Cactus Acquisition Corp. 1 Limited.

Furthermore, VivoPower has entered into a $85 million agreement with Saudi Arabian firm Green Watt to supply 1,600 electric utility vehicles over the next five years. This aligns with Saudi Arabia’s goals for a greener economy and VivoPower’s commitment to sustainable energy solutions. In another development, Tembo e-LV has received an order from The Safari Collection in Kenya for electric vehicle conversion kits, supporting eco-friendly tourism practices. VivoPower also clarified the terms of a proportional takeover offer from Energi Holdings Limited, which involves acquiring 8 out of every 10 shares held by shareholders, contingent upon due diligence. These developments reflect VivoPower’s strategic initiatives to enhance its business model and expand its global footprint in sustainable energy solutions.

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