XRP and Solana Join Bitcoin in New Wave of Public Crypto Treasuries
MicroStrategy’s Bitcoin model, raising funds through public markets to build a large crypto treasury, is now being adopted beyond BTC.
Two recent moves signal a growing wave of public crypto vehicles (PCVs) targeting altcoins. This raises questions about motivations, sustainability, and the next evolution in institutional crypto adoption.
XRP and Solana Join Bitcoin in the Public Treasury ArenaOn June 2, BitGo announced a strategic partnership with VivoPower, which recently transitioned to an XRP-focused digital asset strategy.
Backed by a $121 million raise, VivoPower will acquire $100 million worth of XRP via BitGo’s over-the-counter (OTC) trading desk. At the same time, it will use BitGo’s custody platform for secure storage.
“VivoPower is committed to driving value for our shareholders by building out a leading digital asset treasury strategy,” an official press release stated, citing Kevin Chin, Executive Chairman and CEO of VivoPower.
BitGo CEO Mike Belshe echoed the sentiment. He articulated VivoPower’s commitment to digital assets as evidence of institutional momentum building around its ecosystem.
In parallel, Classover Holdings (KIDZ on Nasdaq) also signed an agreement with Solana Growth Ventures. The firm will issue up to $500 million in senior secured convertible notes.
The initial $11 million will fund SOL purchases. Meanwhile, up to 80% of net proceeds will go toward building a Solana-based treasury.
