Overview
- VivoPower’s digital asset unit signed a definitive joint venture with Seoul-based Lean Ventures to create a vehicle aiming to acquire Ripple Labs shares totaling an initial $300 million.
- Lean Ventures, a licensed South Korean asset manager, will establish the dedicated investment vehicle for qualified local investors, which VivoPower says could offer exposure at a discount to spot.
- VivoPower received written approval from Ripple to purchase an initial tranche of preferred shares and is negotiating additional purchases with institutional holders to reach the target.
- The arrangement is designed to deliver management and performance fees to VivoPower without committing company capital, with a targeted net return of about $75 million over three years based on $300 million in assets under management.
- VivoPower shares jumped nearly 12% in early trading following the announcement, according to market data cited by Crypto Briefing.