XRP Treasury Incoming! BitGo Partners VivoPower to Purchase $100M in XRP

Digital asset provider BitGo has partnered with VivoPower, a publicly traded company, to manage its $100 million acquisition of XRP coins.

As announced, BitGo will serve as VivoPower’s exclusive over-the-counter (OTC) trading partner for the XRP purchase and custodian for the acquired crypto assets. This move is backed by $121 million in funding secured by VivoPower to support its strategic transition.

For its XRP purchases, VivoPower will utilize BitGo’s continuous OTC trading services. BitGo’s custody division will safeguard the assets in its cold storage infrastructure, which is specifically designed for institutional clients.

VivoPower’s Strategic XRP Reserve

BitGo’s partnership with VivoPower underscores its expanding role in serving institutional crypto clients. The partnership is expected to support VivoPower’s XRP-focused treasury strategy and DeFi solutions initiatives. The firm’s OTC desk and custody services provide essential infrastructure for large trades and secure asset storage.

VivoPower’s CEO, Kevin Chin, believed that the latest initiative will bring benefits to the company’s shareholders.

“VivoPower is committed to driving value for our shareholders by building out a leading digital asset treasury strategy—a mission we plan to accomplish through partnerships with best-in-class digital asset leaders like BitGo. BitGo’s track record, combined with its institutional-grade, secure-by-design custodial and trading infrastructure, makes them the clear choice to execute and safeguard our treasury allocation,” he said.

Despite his enthusiasm, current record shows that VivoPower’s stock, VVPR, has failed to impress. According to data from Google Finance, its price tanked by over 7% at press time. It currently trades at $4.29.

According to Mike Belshe, CEO of BitGo, VivoPower’s crypto venture signals a rising institutional interest in digital assets. He pointed out that his company was proud to offer a comprehensive platform enabling companies like VivoPower to confidently enter the digital asset space, with seamless execution and industry-leading custody.

VivoPower is not the only firm exploring a strategic XRP reserve. A few days ago, Webus International, an AI mobility firm, revealed plans to raise $300 million to create an XRP reserve for improving international payments. The plan is part of a broader strategy involving blockchain and Web3 rewards tokens.

More Companies Explore Strategic Crypto Reserves

Aside from XRP, various companies have explored adopting a crypto as reserve. American software company Strategy began this practice with its bitcoin acquisitions.

Others, including GameStop, SharpLink Gaming, and Janover, have shown interest in other major token reserves for BTC, ETH, and SOL, respectively.

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