Quick take:
- The company also announced a partnership with Samara Alpha as its exclusive delegated manager of digital assets.
- It follows Webus’ announcement last week to establish a framework that provides it with institutional-grade infrastructure and expertise for potential future digital asset treasury operations, specifically focused on XRP management.
- The agreement takes a phased approach with the asset management mandate becoming effective only after Webus’s actual transfer of digital assets to designated custody wallets.
Webus International Limited (Nasdaq: WETO) has advanced its plans to establish an XRP-focused digital asset treasury in partnership with Samara Alpha. The Chinese automotive and hospitality firm on Tuesday filed form 6-K with the U.S. Securities and Exchange Commission to legally notify U.S. investors of its plans, as announced on May 29.
According to the announcement, the Nasdaq-listed company has formed an agreement with Samara Alpha, a digital asset management company based in New York to be Webus’s exclusive delegated manager of digital assets.
Last week, the company announced plans to raise up to $300 million to establish a framework that provides it with institutional-grade infrastructure and expertise for potential future digital asset treasury operations, specifically focused on XRP management.
The agreement takes a phased implementation approach with the asset management mandate becoming effective only after Webus’s actual transfer of digital assets to designated custody wallets.
Commenting on the announcement, Mr. Nan Zheng, CEO of Webus, said the agreement defines the company’s clear structure for trusted digital asset management in the future.
“As we continue to evaluate innovative approaches to treasury management, establishing this framework with a regulated, institutional-grade partner provides us with strategic optionality while maintaining prudent controls,” he said. “Samara Alpha brings institutional-grade discipline, and we look forward to activating the mandate when operational needs and funding align.”
Mr. Adil Adbulali, Chief Investment Officer at Samara Alpha, commented: “Our institutional approach to digital asset management combines rigorous risk management with specialised expertise in this evolving asset class. Upon activation, we will deliver secure, regulated infrastructure for responsible crypto asset management, leveraging our experience to provide Webus with professional oversight of their potential future digital asset operations.”
The Webus stock price spiked 12% on Wednesday following Tuesday’s filing.
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