Vivopower International Plc said its digital asset subsidiary, Caret Digital, will expand its proof-of-work mining fleet after securing bulk discounts on mining rigs, while also deepening the company’s XRP-centered treasury strategy. The Nasdaq-listed firm said improving mining economics, helped by higher digital asset prices, have made fleet expansion more compelling.
The announcement ties together two core parts of Vivopower’s current crypto strategy: increasing mining capacity and using the output of that mining activity to build an XRP reserve position. Management said the company will continue to convert mined tokens into XRP as part of what it described as a dual-pronged treasury approach.
An XRP-Focused Treasury Model
According to the company, a central objective is to gain XRP exposure at the lowest average cost possible. Vivopower said it plans to do this through a combination of token swaps generated from digital asset mining operations and purchases of Ripple Labs shares. The company added that it will dynamically manage asset allocation as part of its portfolio management process, suggesting that treasury decisions may shift as market conditions evolve.
Rather than relying solely on direct market purchases of XRP, Vivopower is framing mined-token conversion as a capital-efficient pathway to reserve accumulation. In practice, that means the company intends to treat mining not just as an operating business, but also as a mechanism for treasury construction tied to a specific digital asset thesis.
Company Claims a 65% Effective Discount
The most notable figure in the disclosure was Vivopower’s statement that mined tokens exchanged into XRP deliver an effective 65% discount based on current market prices. The company presented this as a cost advantage in building XRP reserves, positioning the swap strategy as a way to accumulate exposure more efficiently than by simply buying XRP outright in the market.
While the headline figure is significant, the company’s statement as provided did not include a detailed methodology for how the 65% discount was calculated. Still, the message was clear: management wants investors to view mining output, token conversion, and reserve management as an integrated system designed to lower average acquisition costs for XRP.
This framework also suggests a broader treasury philosophy. Instead of passively holding digital assets, Vivopower appears to be combining operational crypto production, market conversion, and strategic equity exposure related to the Ripple ecosystem into a single capital allocation model.
Mining Expansion Backed by Better Economics
Vivopower said the economics of mining have improved alongside rising asset prices, creating a more favorable backdrop for adding rigs. The company also noted that it had negotiated bulk discounts on mining equipment, which likely improves the economics of scaling its fleet further. That combination — stronger market pricing and lower equipment acquisition costs — helps explain why the company is increasing its commitment to proof-of-work mining at this stage.
For crypto-linked companies, mining expansion decisions are often tied to expectations about future token prices, energy costs, and hardware efficiency. In Vivopower’s case, the mining business appears to serve a dual function: generating potential operating returns while also feeding an XRP accumulation strategy through token conversion.
Positioning Around XRP and the XRP Ledger
Executives described the initiative as part of Vivopower’s transformation into what they called the first enterprise structured around XRP as a core reserve asset. That is an unusual positioning choice in a corporate crypto market more commonly associated with bitcoin-focused treasury strategies. By centering XRP, the company is attempting to differentiate itself both operationally and strategically.
Vivopower also said its ambitions extend beyond mining and treasury management. The company pointed to plans to support the XRP Ledger through contributions to decentralized finance infrastructure and blockchain-based real-world applications. That suggests management sees the strategy not merely as a balance-sheet decision, but as part of a broader commitment to the XRP ecosystem.
If executed consistently, such a model would give the company exposure across multiple layers of the same ecosystem: token reserves, equity exposure linked to Ripple Labs, and participation in infrastructure or application development tied to XRPL.
Company Background
Founded in 2014 and listed on Nasdaq since 2016, Vivopower operates across the United Kingdom, Australia, North America, Europe, the Middle East, and Southeast Asia. The group runs two primary business divisions. Caret Digital focuses on renewable-powered digital asset mining, while Tembo develops electric mobility and energy solutions for fleet and industrial use.
The latest disclosure highlights how Vivopower is trying to align those crypto-facing capabilities with a more distinctive treasury identity. By expanding mining capacity and channeling mined-token output into XRP, the company is effectively linking operational growth with reserve strategy. Whether markets embrace that thesis may depend on execution, transparency around the claimed discount, and the long-term performance of both mining operations and XRP itself.