VivoPower International PLC (NASDAQ:VVPR) shares are marginally lower in Thursday's pre-market trading, following a double-digit surge on a $19 million equity raise to support its XRP (CRYPTO: XRP) treasury strategy.
VivoPower Raises Equity To Boost XRP Treasury
The stock slid 0.78% after-hours, a minor pullback after rallying 14% during Tuesday's regular trading session.
The London-headquartered firm completed a $19 million equity raise through an additional common stock offering priced at $6.05 per share
The proceeds will be used to scale up its XRP treasury strategy and pay off debt, the company said in a press release.
See Also: Ripple (XRP) Price Prediction: 2025, 2026, 2030
Indirect XRP Exposure Through Ripple
VivoPower, a sustainable energy solutions company, has pivoted to a cryptocurrency treasury strategy, focusing on the acquisition, management and long-term holding of XRP, the third-largest cryptocurrency by market capitalization. The firm also aims to support the growth of XRP Ledger.
In August, VivoPower announced acquiring $100 million of privately held shares of Ripple Labs, a company that extensively uses XRP and XRPL for its operations. Through this, it became the only U.S.-listed company to provide exposure to Ripple.
Price Action: At the time of writing, XRP was exchanging hands at $2.97, up 3.85% in the last 24 hours, according to data from Benzinga Pro.
VivoPower shares fell 0.78% in pre-market trading after closing 14% higher at $5.130 during Wednesday’s regular trading session. Year-to-date, the stock has soared 285%.
The stock exhibited a very high Momentum score as of this writing. How does it compare with Strategy Inc. (NASDAQ:MSTR) and other cryptocurrency treasury companies? Visit Benzinga Edge Stock Rankings to find out.
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