A company holding about 473 million XRP expects to start trading on Nasdaq today.
📌 What happened
Evernorth closed its SPAC merger with Armada Acquisition Corp. II on October 9 and expected its shares to list under the ticker XRPN on October 12, per CryptoSlate. It raised roughly $300 million in gross cash, backed by Ripple, SBI Group, Pantera, Kraken and GSR.
🔍 Why it matters
• It gives stock investors a listed route to $XRP exposure
• CEO Asheesh Birla says the plan is to actively deploy the treasury across the XRP ecosystem, not just hold and wait
• The goal is to grow XRP held per share over time
👀 What to watch
• How the stock trades against the value of its XRP holdings in its first sessions
• Risk: because Ripple and Evernorth count as related parties, the XRP sits at historical cost minus impairments, so price drops can hit earnings while recoveries cannot be booked back
💬 Would you rather own a treasury company like this or just hold the coin?
#XRP #Nasdaq
📌 What happened
Evernorth closed its SPAC merger with Armada Acquisition Corp. II on October 9 and expected its shares to list under the ticker XRPN on October 12, per CryptoSlate. It raised roughly $300 million in gross cash, backed by Ripple, SBI Group, Pantera, Kraken and GSR.
🔍 Why it matters
• It gives stock investors a listed route to $XRP exposure
• CEO Asheesh Birla says the plan is to actively deploy the treasury across the XRP ecosystem, not just hold and wait
• The goal is to grow XRP held per share over time
👀 What to watch
• How the stock trades against the value of its XRP holdings in its first sessions
• Risk: because Ripple and Evernorth count as related parties, the XRP sits at historical cost minus impairments, so price drops can hit earnings while recoveries cannot be booked back
💬 Would you rather own a treasury company like this or just hold the coin?
#XRP #Nasdaq