XRP and Solana Join Bitcoin in New Wave of Public Crypto Treasuries

MicroStrategy’s Bitcoin model, raising funds through public markets to build a large crypto treasury, is now being adopted beyond BTC.

Two recent moves signal a growing wave of public crypto vehicles (PCVs) targeting altcoins. This raises questions about motivations, sustainability, and the next evolution in institutional crypto adoption.

XRP and Solana Join Bitcoin in the Public Treasury Arena

On June 2, BitGo announced a strategic partnership with VivoPower, which recently transitioned to an XRP-focused digital asset strategy.

Backed by a $121 million raise, VivoPower will acquire $100 million worth of XRP via BitGo’s over-the-counter (OTC) trading desk. At the same time, it will use BitGo’s custody platform for secure storage.

“VivoPower is committed to driving value for our shareholders by building out a leading digital asset treasury strategy,” an official press release stated, citing Kevin Chin, Executive Chairman and CEO of VivoPower.

BitGo CEO Mike Belshe echoed the sentiment. He articulated VivoPower’s commitment to digital assets as evidence of institutional momentum building around its ecosystem.

In parallel, Classover Holdings (KIDZ on Nasdaq) also signed an agreement with Solana Growth Ventures. The firm will issue up to $500 million in senior secured convertible notes.

The initial $11 million will fund SOL purchases. Meanwhile, up to 80% of net proceeds will go toward building a Solana-based treasury.

BREAKING: Classover ($KIDZ) has completed an initial purchase of 6,472 $SOL (~$1.05M) and signed a new agreement to issue up to $500M in convertible notes, with 80% allocated to $SOL. Combined with a prior $400M equity deal, Classover now has up to $900M in total financing—part… pic.twitter.com/IdSyV1q3ic

— SolanaFloor (@SolanaFloor) June 3, 2025

The Nasdaq-listed education-tech firm aims to mirror the success of other PCVs that saw dramatic stock price appreciation following large crypto treasury announcements.

XRP advocate John Deaton says this is not a fringe phenomenon, citing a trend that was predictable.

“…after watching Bitcoin become the best performing asset as well as the best performing ETF in history, Wall Street would want to try and replicate that success (even if on a much smaller scale), earning fees in the process…I also said that what Saylor was doing with Bitcoin – making it a corporate treasury asset – other companies (albeit on a much smaller scale) would likely copycat and implement a similar strategy with certain Alt-Coins, including ETH, XRP, SOL, etc. Both things are happening,” Deaton noted.

Deaton clarified that he does not necessarily endorse the trend.

Skeptics Warn of Stock Pump Risks

However, critics and observers warn of financial engineering dressed up as crypto adoption. Web3 analyst Hitesh.eth on X (Twitter) argues that PCVs are now used to drive speculative stock surges, even without delivering long-term value.

“Their success [MicroStrategy] has created a new wave where many public companies ended up raising funds against their shares,” wrote Hitesh.

He added that institutional investors and VCs are now trying to recreate the “Saylor effect” using altcoins such as Solana (SOL). Specifically, they issue stock to raise capital for crypto buys, then drive hype via influencers and on-chain equity narratives.

Warning that not everyone can be Saylor, Hitesh notes that retail investors could be left with no exit liquidity if the game turns speculative.

Others see parallels with past market frenzies, with one user on X likening this moment to the SPAC boom of 2020 and the meme stock mania of 2021.

“As soon as they announce buying plans using strategies for Bitcoin, Ethereum, Solana, etc., they just keep posting massive bullish candles. It reminds me of the SPAC stock frenzy in the second half of 2020 and the meme stock/meme coin surge in early 2021. Keep in mind that speculative sentiment back then lasted about a year,” the user stated.

The general divide is that these new XRP and SOL treasury moves may be long-term strategic bets or short-term stock catalysts.