#xrp财库公司evernorth完成spac合并
An XRP treasury company that only listed on 10/8 has seen its shell price rise to 3.7 times the cash in its trust.
▪️ At the end of June, the trust held $241.2 million; by closing, only about $48 million remained, with shareholders redeeming roughly 80%
▪️ In the same week, the shell’s share price rose from $10.58 to $39.42 (+273%), with an intraday high of $53
▪️ The trust redemption value per share is about $10.49, while the closing price is 3.7 times that
▪️ Total fundraising topped $1 billion, of which only about $300 million was cash; investors contributed the rest directly in XRP in exchange for shares
The redemptions and the rally are two sides of the same coin: as 80% of the money was redeemed, the number of shares available to trade also fell by 80%. It wasn’t suddenly attracting more interest—there were simply fewer tradable shares. The number of shares on the equity side and the number of coins on the asset side are two different figures; and 473 million XRP amounts to just 0.75% of the total supply.
The fate of similar shells is already clear: the previous treasury shell with a comparable structure fell 25% on its first day in New York, straight back to the $10 paid by private investors; the one before that is now down more than 60% from its merger price. The premium usually gets settled on the day the shell becomes a real company.
Watch three things:
① The closing price on the first day of listing, compared with the private placement price of about $10 and the warrant exercise price of $11.50;
② The final number of shares redeemed, which determines how many shares will actually be available to trade on listing day;
③ How much of the 473 million XRP was newly purchased.
The coins inside the shell haven’t changed. Do you see this as new demand, or just existing holdings in a new wrapper?
An XRP treasury company that only listed on 10/8 has seen its shell price rise to 3.7 times the cash in its trust.
▪️ At the end of June, the trust held $241.2 million; by closing, only about $48 million remained, with shareholders redeeming roughly 80%
▪️ In the same week, the shell’s share price rose from $10.58 to $39.42 (+273%), with an intraday high of $53
▪️ The trust redemption value per share is about $10.49, while the closing price is 3.7 times that
▪️ Total fundraising topped $1 billion, of which only about $300 million was cash; investors contributed the rest directly in XRP in exchange for shares
The redemptions and the rally are two sides of the same coin: as 80% of the money was redeemed, the number of shares available to trade also fell by 80%. It wasn’t suddenly attracting more interest—there were simply fewer tradable shares. The number of shares on the equity side and the number of coins on the asset side are two different figures; and 473 million XRP amounts to just 0.75% of the total supply.
The fate of similar shells is already clear: the previous treasury shell with a comparable structure fell 25% on its first day in New York, straight back to the $10 paid by private investors; the one before that is now down more than 60% from its merger price. The premium usually gets settled on the day the shell becomes a real company.
Watch three things:
① The closing price on the first day of listing, compared with the private placement price of about $10 and the warrant exercise price of $11.50;
② The final number of shares redeemed, which determines how many shares will actually be available to trade on listing day;
③ How much of the 473 million XRP was newly purchased.
The coins inside the shell haven’t changed. Do you see this as new demand, or just existing holdings in a new wrapper?