MicroStrategy’s Bitcoin mannequin, elevating funds by public markets to construct a big crypto treasury, is now being adopted past BTC.
Two current strikes sign a rising wave of public crypto automobiles (PCVs) focusing on altcoins. This raises questions on motivations, sustainability, and the subsequent evolution in institutional crypto adoption.
XRP and Solana Be part of Bitcoin within the Public Treasury Area
On June 2, BitGo introduced a strategic partnership with VivoPower, which lately transitioned to an XRP-focused digital asset technique.
Backed by a $121 million increase, VivoPower will purchase $100 million value of XRP by way of BitGo’s over-the-counter (OTC) buying and selling desk. On the identical time, it would use BitGo’s custody platform for safe storage.
“VivoPower is dedicated to driving worth for our shareholders by constructing out a number one digital asset treasury technique,” an official press launch said, citing Kevin Chin, Government Chairman and CEO of VivoPower.
BitGo CEO Mike Belshe echoed the sentiment. He articulated VivoPower’s dedication to digital property as proof of institutional momentum constructing round its ecosystem.
In parallel, Classover Holdings (KIDZ on Nasdaq) additionally signed an settlement with Solana Development Ventures. The agency will problem as much as $500 million in senior secured convertible notes.
The preliminary $11 million will fund SOL purchases. In the meantime, as much as 80% of web proceeds will go towards constructing a Solana-based treasury.
BREAKING: Classover ($KIDZ) has accomplished an preliminary buy of 6,472 $SOL (~$1.05M) and signed a brand new settlement to problem as much as $500M in convertible notes, with 80% allotted to $SOL. Mixed with a previous $400M fairness deal, Classover now has as much as $900M in complete financing—half… pic.twitter.com/IdSyV1q3ic
— SolanaFloor (@SolanaFloor) June 3, 2025
BREAKING: Classover ($KIDZ) has accomplished an preliminary buy of 6,472 The Nasdaq-listed education-tech agency goals to reflect the success of different PCVs that noticed dramatic inventory value appreciation following giant crypto treasury bulletins.
XRP advocate John Deaton says this isn’t a fringe phenomenon, citing a pattern that was predictable.
“…after watching Bitcoin develop into the very best performing asset in addition to the very best performing ETF in historical past, Wall Avenue would need to attempt to replicate that success (even when on a a lot smaller scale), incomes charges within the course of…I additionally mentioned that what Saylor was doing with Bitcoin – making it a company treasury asset – different firms (albeit on a a lot smaller scale) would doubtless copycat and implement an analogous technique with sure Alt-Cash, together with ETH, XRP, SOL, and many others. Each issues are taking place,” Deaton famous.
Deaton clarified that he doesn’t essentially endorse the pattern.
Skeptics Warn of Inventory Pump Dangers
Nonetheless, critics and observers warn of monetary engineering dressed up as crypto adoption. Web3 analyst Hitesh.eth on X (Twitter) argues that PCVs are actually used to drive speculative inventory surges, even with out delivering long-term worth.
“Their success [MicroStrategy] has created a brand new wave the place many public firms ended up elevating funds in opposition to their shares,” wrote Hitesh.
He added that institutional traders and VCs are actually making an attempt to recreate the “Saylor impact” utilizing altcoins akin to Solana (SOL). Particularly, they problem inventory to lift capital for crypto buys, then drive hype by way of influencers and on-chain fairness narratives.
Warning that not everybody could be Saylor, Hitesh notes that retail traders might be left with no exit liquidity if the sport turns speculative.
Others see parallels with previous market frenzies, with one person on X likening this second to the SPAC increase of 2020 and the meme inventory mania of 2021.
“As quickly as they announce shopping for plans utilizing methods for Bitcoin, Ethereum, Solana, and many others., they only preserve posting large bullish candles. It jogs my memory of the SPAC inventory frenzy within the second half of 2020 and the meme inventory/meme coin surge in early 2021. Take into account that speculative sentiment again then lasted a few yr,” the person said.
The overall divide is that these new XRP and SOL treasury strikes could also be long-term strategic bets or short-term inventory catalysts.
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