To the growing wave of adoption of cryptocurrencies in the corporate world, Trident, a technological company based in Singapore and quoted in Nasdaq, which announced yesterday, June 12 a plan to raise up to 500 million dollars through convertible bonds. Part of the proceeds will be used to acquire XRP, the cryptocurrency issued by Ripple.
This approach, inspired by the Bitcoin accumulation strategy (BTC) led by Michael Saylor, president of Strategy, It seeks to position the company as a relevant actor in the decentralized finance ecosystem (Defi), says a release.
Trident reported that The XRP obtained in the purchase will be maintained as “long -term strategic reserves”. In addition, the company will implement the “Staking in the Ripple Ecosystem to generate yields.” The latter attracts attention, because XRP does not use a staking system, since it is not based on the participation test (POS).
To finance this initiative, Trident will combine the “issuance of strategic actions, structured financing instruments,” he said. The company explained that it is already in conversations with cryptocurrency foundations and institutional partners for ensure favorable conditions and solid chain infrastructure. This approach seeks to guarantee the viability and impact of the project on the market.
The launch of The Treasury in XRP is scheduled for the second semester of 2025provided that regulatory and market conditions are met. Trident promised to provide periodic updates about advances, governance frames and report standards, aligning with the transparency practices required for companies that are quoted on the stock market.
During the April and mid -May period, the price of Trident’s action remained relatively stable, ranging mainly between 0.20 and 0.25 dollars. At the beginning of June, it reached a maximum close to $ 0.40. However, the shareholders of the company seem to have not received the announcement of the purchase of XRP, since In the last 24 hours the shares fell 30%as can be seen in the following graph.
This movement is not isolated. As cryptootics reported, other companies have followed similar roads. Webus International, for example, announced last week an allocation of up to 300 million dollars for an XRP treasury, while Vivopower, an energy company, communicated in May a private placement of shares for $ 121 million for the same purpose.
