VivoPower International PLC (NASDAQ: VVPR), a sustainable energy solutions company, announced plans to spin off its crypto mining subsidiary, Caret Digital, through a direct listing on the NASDAQ.
The move aims to unlock value for shareholders by separating Caret Digital’s fast-growing digital asset business from VivoPower’s core operations.
VivoPower has engaged financial and legal advisors to expedite the spin-off process, targeting a market capitalization of approximately $308 million for Caret Digital—nearly six times VivoPower’s current market value of around $55 million.
Caret Digital focuses on sustainable crypto mining using energy-efficient and renewable technologies
Caret Digital operates in the cryptocurrency mining sector, focusing on sustainable practices by leveraging energy-efficient technologies and renewable energy sources.
The planned IPO reflects VivoPower’s strategy to capitalize on growing institutional interest in the crypto sector while maintaining its broader commitment to sustainability.
By listing Caret Digital independently, the company seeks to attract a more targeted investor base and give the crypto arm greater operational and financial flexibility.
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Successful spin-off could establish Caret Digital as a major publicly traded crypto player
The spin-off, if successful, would mark a significant milestone for VivoPower, positioning Caret Digital as a prominent new player in the publicly traded digital asset space.
It also highlights the continued convergence of traditional markets and the crypto industry, especially through clean energy-aligned mining initiatives.
Caret Digital’s planned NASDAQ spin-off carries an implied market capitalization of $308 million, though this may vary with market conditions.
As part of the transaction, the company aims to raise up to $50 million from strategic investors to fuel its growth, with ongoing negotiations in the Middle East and Asia.
The renewed global interest in digital asset mining—partly driven by the election of President Donald Trump and investments by the Trump family—has opened new opportunities, even in regions that previously restricted such activity.
Additionally, Caret Digital has identified access to renewable power sources priced below 3 cents per watt, supporting its push for sustainable and cost-effective mining operations. These developments position the company for strategic global expansion.
VivoPower to issue 5 Caret Digital shares per share held in planned spin-off
VivoPower has announced that its shareholders, as of a future record date, will be eligible to receive five shares of Caret Digital for every one VivoPower share they own. This distribution is part of the planned spin-off of its crypto subsidiary.
To comply with NASDAQ regulations, VivoPower has filed a notice providing at least 10 calendar days’ advance notice of the ex-date—the date when the shares will trade without the right to receive the Caret Digital shares.
This move is designed to ensure transparency and give shareholders time to prepare for the upcoming distribution.
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