VivoPower, a sustainable energy Nasdaq-listed company, has said it plans to buy $121 million worth of XRP, raising the funds via a private share placement, and sending its stock sharply higher.

The fundraising is being led by Saudi price Abdulaziz bin Turki Abdulaziz Al Saud, investing $100 million, with former SBI Ripple Asia executive Adam Traidman joining VivoPower as chairman of the board.

“We have been investors in the digital asset sector for a decade and have been long-term holders of XRP,” prince Abdulaziz bin Turki Abdulaziz Al Saud, who met with Trump on his Saudi visit last month, said in a press release, adding the VivoPower investment is due to its “strategic focus on XRP and its objective to contribute to building out of the XRPL [XRP Ledger’]

ecosystem.”

VivoPower said it will use the funds to buy XRP and establish its XRP-focused treasury operations, as well as invest in the XRPL decentralized finance (DeFi) ecosystem.

“VivoPower’s initiative to become the first publicly listed company with an XRP-centric treasury strategy is a forward-thinking move that reflects growing institutional conviction in real-world blockchain applications,” Traidman, a former Ripple board member, said in the press release.

XRP developer Ripple is an enterprise-focused blockchain service company that owns around 80 billion of the total 100 billion XRP and uses it to facilitate cross-border payments.

Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious

The trend for companies to add bitcoin and other cryptocurrencies to their corporate treasuries was started by Michael Saylor’s Strategy in 2020, with Strategy’s near-3,000% stock rally inspiring a flood of copy cat trades.

Last week, GameStop became the latest company to begin buying bitcoin, while rival cryptocurrencies ethereum and solana have also been adopted by companies as treasury assets.

The XRP price rally was boosted earlier this year when U.S. president Trump named XRP as one of a handful of cryptocurrencies that the U.S. would add to its so-called crypto stockpile, giving a level of validation to the cryptocurrency asset class that was almost unimaginable before Trump’s November election victory.