Publicly traded technology services company Trident plans to raise up to $500 million to build out an XRP treasury, the firm announced on Thursday.
The Singapore-based firm, which has a blockchain-based identity solution as its flagship product and trades on the Nasdaq as TDTH, also appointed Chaince Securities LLC as a strategic advisor.
“As a public company, our commitment to transparency, strong governance, and strategic foresight guides every decision we make. We see digital assets as key enablers in the evolution of the global financial landscape,” said Trident founder, Chairman, and CEO Soon Huat Lim, in a statement.
“This initiative reflects our belief in the transformative potential of blockchain technology for capital allocation and cross-border value transfer,” he added. “Through this initiative, Trident aims to demonstrate how public companies can thoughtfully and responsibly participate in the ongoing development of decentralized finance.”
The firm’s XRP treasury rollout is expected to take place in the second half of 2025, and will be built using multiple capital-raising tactics—like equity issuance and structured financial instruments.
While Bitcoin is the most popular token in digital asset treasuries, a couple other publicly traded firms announced plans for XRP treasuries just recently.
In May, healthcare infrastructure firm Wellgistics Health announced plans for a $50 million equity line of credit to acquire Ripple-linked XRP and build out XRP-enabled payment infrastructure.
Last week, Chinese travel booking firm Webus said it planned to build a $300 million XRP treasury. Webus shares were up on the day of the announcement, but shares of Trident haven’t fared the same.
Shares of TDTH closed down more than 30% Thursday, and now down more than 94% in the last year of trading. XRP, meanwhile, is down 3.5% on the day to $2.20.
A representative for Trident did not immediately respond to Decrypt’s request for comment.
Edited by Andrew Hayward
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