Crypto
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Sage D. Young

Trident Digital Tech Holdings plummets following announcement of $500 million fundraise for an XRP treasury

Singapore-based Trident Digital Tech Holdings is the latest player to take up the XRP-focused treasury playbook, joining Chinese firm Webus and energy company VivoPower.

On Thursday, the firm announced an initiative to raise about $500 million to create a large-scale corporate treasury composed of XRP, the fourth-largest cryptocurrency by market capitalization, at roughly $132 billion. 

Shares of Trident Digital Tech Holdings have dropped nearly 38% on the news.

“The initiative will focus on the acquisition of XRP tokens as long-term strategic reserves, the deployment of staking mechanisms to generate yield, and deep engagement within the Ripple ecosystem,” the press release said, adding that the capital raise will be a combination of equity issuance, strategic placements, and structured financing instruments.

The price of XRP has dropped 3.4% in the last 24 hours, but has jumped over 350% in the past year.

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XRP treasury firm trend grows as Evernorth, backed by Ripple Labs, enters the arena

The fifth-largest cryptocurrency by market cap, XRP, is getting a new treasury firm: Evernorth.

The firm will list on the Nasdaq and expects to raise over $1 billion in gross proceeds from SBI, Ripple Labs, Pantera Capital, Kraken, and GSR, according to a press release. Chris Larsen, cofounder and executive chairman of Ripple, also announced investing 50 million XRP tokens worth $124.5 million. Net proceeds are dedicated for open-market acquisitions of XRP.

Evernorth joins a number of firms stockpiling XRP, such as VivoPower International, Trident Digital Tech Holdings, and Webus. 

The announcement comes during a fragile period for crypto markets, but the latest news has boosted XRP’s price and the asset is back to flat over the last seven days.

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