MicroStrategy's Bitcoin model, which builds a large cryptocurrency vault by raising funds through the public market, is now being adopted beyond Bitcoin.
Recent developments indicate a growing wave of Public Crypto Vehicles (PCV) targeting altcoins, raising questions about motivation, sustainability, and the next evolution of institutional crypto adoption.
XRP, Solana Join Bitcoin in Treasury
On June 2nd, BitGo announced a strategic partnership with VivoPower, which recently shifted to an XRP-centered digital asset strategy.
VivoPower, funded with $121 million, will acquire XRP worth $100 million through BitGo's OTC trading desk. Simultaneously, they will use BitGo's custody platform for secure storage.
"VivoPower is committed to building a leading digital asset treasury strategy to provide value to shareholders." โ Kevin Chin, VivoPower Chairman and CEO, quoted in official press release.
BitGo CEO Mike Belsky said VivoPower's dedication to digital assets shows institutional momentum forming around its ecosystem.
Simultaneously, Classover Holdings (Nasdaq: KIDZ) signed a contract with Solana Growth Ventures. The company will issue up to $500 million in senior secured convertible notes.
An initial $11 million will be used to purchase SOL. Meanwhile, up to 80% of net proceeds will be used to build a Solana-based treasury.
๐จBREAKING: Classover ($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 financingโpartโฆ pic.twitter.com/IdSyV1q3ic
โ SolanaFloor (@SolanaFloor) June 3, 2025
The Nasdaq-listed edtech company aims to replicate the success of other PCVs that saw stock price surges after announcing large cryptocurrency treasuries.
XRP advocate John Deaton says this is a predictable trend, arguing it's not a peripheral phenomenon.
"After Bitcoin became the best asset and best ETF in history, Wall Street will try to replicate that success (albeit on a much smaller scale), earning fees in the process... Also, what Saylor is doing with Bitcoin โ making it a corporate treasury asset โ other companies are likely to mimic (on a much smaller scale) and implement similar strategies involving specific altcoins, ETH, XRP, SOL, etc. Both are happening." โ Deaton.
Deaton clearly stated that he is not necessarily endorsing this trend.
Skeptics Warn of Stock Pump Risks
However, critics and observers caution against financial engineering disguised as crypto adoption. Web3 analyst Hitesh.eth claims on X (Twitter) that PCVs are being used to drive speculative stock surges without providing long-term value.
"Their success [MicroStrategy] created a new wave that made many public companies raise funds against their stocks." โ Hitesh.
He added that institutional investors and VCs are now trying to reproduce the "Saylor effect" using altcoins like Solana (SOL). Specifically, they issue stocks to raise capital for crypto purchases and generate high interest through influencers and on-chain stock narratives.
Warning that not everyone can be a Saylor, Hitesh points out that if the game turns speculative, retail investors might lose exit liquidity.
Others see similarities with past market frenzies. One user on X compared this moment to the 2020 SPAC boom and 2021 meme stock mania.
"As soon as they announce purchase plans using strategies for Bitcoin, Ethereum, Solana, etc., they keep posting massive bullish candles. This reminds me of the SPAC stock frenzy in late 2020 and meme stock/memecoin surge in early 2021, where speculative sentiment lasted about a year." โ User.
The general consensus is that these new XRP and SOL treasury moves could be either long-term strategic bets or short-term stock catalysts.
