Vivopower International Plc (Nasdaq: VVPR) has announced an expansion of its proof-of-work mining fleet via its Caret Digital subsidiary, while reinforcing its XRP-centric treasury strategy. In a disclosure on September 16, 2025, the company stated that improving asset prices have made mining economics more attractive, prompting the fleet expansion. As part of its dual-pronged treasury strategy, Vivopower will continue to exchange mined tokens into XRP and purchase Ripple Labs shares to secure XRP exposure at the lowest average cost possible.
The Token Swap Strategy
Management explained: “A key objective of this strategy is to secure XRP exposure at the lowest average cost possible, through a combination of token swapping from digital asset mining activities and by purchasing Ripple Labs shares.” The company further detailed that it would dynamically manage asset allocation as part of its portfolio management processes. The treasury framework prioritizes accumulation of XRP through mined token conversion and also through Ripple Labs equity holdings, allowing management to adapt allocations in response to shifting market dynamics.
The company emphasized the benefits of the token swap approach, stating: “Mined tokens will be exchanged into XRP, delivering an effective 65% discount, based on current market prices.” This discount is derived from the cost advantage of mining tokens and then swapping them for XRP as opposed to buying XRP directly on the open market.
Corporate Transformation and Vision
Executives described the initiative as part of Vivopower’s transformation into the first enterprise structured around XRP as a core reserve asset. Beyond mining, the company’s vision includes supporting the XRP Ledger by contributing to decentralized finance infrastructure and blockchain-based real-world applications. Founded in 2014 and listed on Nasdaq since 2016, Vivopower operates across multiple regions, including the United Kingdom, Australia, North America, Europe, the Middle East, and Southeast Asia. The company runs two main divisions: Caret Digital, focused on renewable-powered digital asset mining, and Tembo, which develops electric mobility and energy solutions for fleet and industrial applications.
This move signals a growing trend of publicly traded companies adopting crypto-native treasury strategies. However, analysts caution that the 65% discount figure is dependent on mining efficiency and market prices, and may not be directly comparable to spot market purchases. XRP’s price remained relatively stable following the announcement.