Web3 Company Trident Digital Tech Holdings Will Start an XRP Treasury of Up to $500 Million

Trident Digital Tech Holdings, a Web3 company based in Singapore, said it will start an XRP XRPUSD treasury of up to $500 million. By doing so, the company joins a host of others that have

Trident Digital Tech Holdings, a Web3 company based in Singapore, said it will start an XRP (XRPUSD) treasury of up to $500 million.

The move comes as several other companies have announced plans to start XRP reserves. These include Chinese AI company Webus, which will allocate $300 million to the cryptocurrency.

In addition, VivoPower (OTC:VOPO) is launching a $100 million XRP-focused fund and Wellgistics Health (OTC:WLGS) will have a $50 million XRP treasury.

Trident's shares fell 37.6% on Thursday.

For the full year 2024, Trident reported a net-income loss of $3.1 million, while its revenue decreased by 91.4% from a year ago. Its operational expenses increased by 101.3% over the same period.

Trident plans to raise capital for its XRP reserve through stock issuance, strategic placements and other financing instruments.

Its initiative follows a broader trend of companies setting up large crypto reserves.

Earlier this year, several companies announced plans to begin Bitcoin (BTCUSD) treasuries. The move was started by Strategy (Nasdaq:MSFT) in August 2020 and has since been followed by companies such as Metaplanet (OTC:MPLT) and Semler Scientific (NASDAQ:SCLX).

Meanwhile, Solana (SOLUSD) has also been a focus for some companies, with DeFi Development (OTC:JDVL) and SOL Strategies (OTC:SOLS) betting on the coin's future success.