473 million XRP are heading to Nasdaq—is this a new source of buying demand, or another “buying at the top” story?
XRP treasury company Evernorth’s SPAC merger with shell company Armada II has been approved by shareholders. The companies expect to close the deal on October 7, with trading on Nasdaq under the ticker XRPN beginning October 8.
Lao Yang highlights three key points:
1️⃣ Scale: At closing, Evernorth is expected to hold about 473 million $XRP , making it the largest publicly listed treasury company dedicated solely to XRP. The deal itself is expected to raise roughly $300 million in gross proceeds.
2️⃣ Backers: Ripple, SBI, Pantera, Kraken, and GSR are all among the investors.
3️⃣ Risks: The shell company’s shares have already risen about 273% over the past week. Around 80% of the trust funds are expected to be redeemed, leaving a very small public float and potentially extreme volatility.
Lao Yang’s take: Treasury companies are a way to move crypto into the stock market, which could bring in more demand over the long term. But crypto has seen plenty of “going public at the top” stories. For $XRP itself, I’ll be watching for sustained buying after trading begins, rather than getting caught up in first-day excitement.
One more thing: the ETF staking narrative around $BNB is still gaining momentum, and traditional investors have more and more ways to get involved.
XRPN’s listing: are you on the side of “sell the news” or “a new beginning”? Pick a side in the comments 👇 Follow Lao Yang for ongoing market updates.
⚠️ These are my personal views only, not investment advice. You are responsible for your own gains and losses.
XRP treasury company Evernorth’s SPAC merger with shell company Armada II has been approved by shareholders. The companies expect to close the deal on October 7, with trading on Nasdaq under the ticker XRPN beginning October 8.
Lao Yang highlights three key points:
1️⃣ Scale: At closing, Evernorth is expected to hold about 473 million $XRP , making it the largest publicly listed treasury company dedicated solely to XRP. The deal itself is expected to raise roughly $300 million in gross proceeds.
2️⃣ Backers: Ripple, SBI, Pantera, Kraken, and GSR are all among the investors.
3️⃣ Risks: The shell company’s shares have already risen about 273% over the past week. Around 80% of the trust funds are expected to be redeemed, leaving a very small public float and potentially extreme volatility.
Lao Yang’s take: Treasury companies are a way to move crypto into the stock market, which could bring in more demand over the long term. But crypto has seen plenty of “going public at the top” stories. For $XRP itself, I’ll be watching for sustained buying after trading begins, rather than getting caught up in first-day excitement.
One more thing: the ETF staking narrative around $BNB is still gaining momentum, and traditional investors have more and more ways to get involved.
XRPN’s listing: are you on the side of “sell the news” or “a new beginning”? Pick a side in the comments 👇 Follow Lao Yang for ongoing market updates.
⚠️ These are my personal views only, not investment advice. You are responsible for your own gains and losses.