Unveiling Information from SEC Filings: What Insights on XRP Possess
In a significant development for the cryptocurrency market, several companies have recently added XRP to their balance sheets, signaling growing institutional confidence in the Ripple-linked token.
The latest move came from Hyperscale Data Inc., a subsidiary of which, Ault Capital Group Inc., announced plans to buy $10 million in XRP on May 28, 2022. This decision is part of a broader corporate treasury strategy, and Hyperscale Data will begin publishing monthly updates on its digital asset holdings this month, with initial XRP assets included.
Flora Growth Corp, a U.S.-based company, has also joined the ranks of XRP holders. According to its Form 10-Q filing, Flora Growth Corp holds XRP alongside other cryptocurrencies like Solana (SOL) and Ethereum (ETH) as part of its corporate treasury portfolio aimed at strengthening its balance sheet.
Webus International, a China-based company, outlined a $300 million XRP-focused treasury strategy in its Form 6-K filing, indicating a significant corporate commitment to XRP. This move follows regulatory clarifications around XRP, with Ripple’s SEC lawsuit progress encouraging companies to include XRP in their treasury assets.
Quantum Biopharma Ltd, another company that has added XRP to its portfolio, previously included Bitcoin, Dogecoin, and Solana. Worksport Ltd also reported holdings in both Bitcoin and XRP, adopting cryptocurrency as a corporate hedge against inflation and noting gains on its XRP assets.
The trend of XRP adoption extends beyond the U.S., with London-based VivoPower and pharmaceutical distribution company Wellgistics also announcing similar moves tied to the Ripple-linked token.
Korea's top exchanges: Upbit, Coinone, and Korbit, have already integrated XRP, and the listing of XRP on the BDACS platform strengthens its long-standing partnership with Ripple. The BDACS platform's commitment to the Korean market is reflected by the listing of XRP, offering custody support for institutional clients.
It's worth noting that a significant transfer of 20,000,000 XRP, worth nearly $60,585,668, was made from major South Korean exchange Upbit to an unknown wallet. The news about this transfer was reported by U.Today. However, this transfer is not related to any of the earlier mentioned companies or entities.
These disclosures represent a growing and diverse group of public companies incorporating XRP into their balance sheets for purposes including financial stability, real-time payments utility, and strategic asset diversification. This shift in corporate strategy underscores the growing acceptance and recognition of XRP as a viable and valuable asset in the global financial market.
- Institutional interest in XRP continues to grow, with companies like Hyperscale Data Inc., Flora Growth Corp, Webus International, Quantum Biopharma Ltd, and Worksport Ltd adding XRP to their corporate treasury portfolios.
- Crypto trading firms, such as Korea's top exchanges Upbit, Coinone, and Korbit, have integrated XRP into their platforms, demonstrating increased institutional adoption of the Ripple-linked token.
- The BDACS platform, reflecting its commitment to the Korean market, has listed XRP on its platform, providing custody support for institutional clients engaging in XRP trading and investing.
