VivoPower shares surged over 32% after announcing a $100 million plan to buy Ripple Labs shares, expanding its exposure to Ripple equity and XRP tokens.
Nasdaq-listed solar power company VivoPower International PLC saw its shares jump 32.12% to $5.10 on Friday after the company announced plans to purchase $100 million worth of privately held Ripple Labs shares, expanding its XRP-focused digital asset treasury strategy.
The move, which follows two months of due diligence, will see VivoPower acquire Ripple shares directly from existing shareholders, pending approval from Ripple’s executive management, the company said in a Friday press release.
“Our portfolio construction strategy is to buy a combination of Ripple shares and XRP tokens. This will allow us to optimize for yield maximization while also minimizing the weighted average cost of XRP acquired,” Kevin Chin, executive chairman and CEO of VivoPower, said.
