$XRP I read the news today about Evernorth’s Nasdaq listing and immediately remembered what I wrote earlier as part of the bStocks series — a post about MSTRB.
Evernorth is a treasury company that holds XRP on its balance sheet and builds its capital around it, following exactly the same model that Strategy (MicroStrategy) once used with Bitcoin. Today, it is going public on Nasdaq through a SPAC merger with Armada Acquisition Corp II under the ticker XRPN and, according to the company, will become the world’s largest publicly listed XRP treasury. Ripple and SBI Holdings are behind the project, and its CEO is Asheesh Birla.
The model differs from simply “buy and hold”: the company actively grows its “XRP per share” metric through yield strategies on the XRP Ledger and participation in the ecosystem. In other words, it isn’t just waiting for the price to rise; it’s trying to increase the amount of XRP attributable to each share, regardless of the market.
The parallel with MSTRB is direct: an investor who buys shares in such a company effectively gets leveraged exposure to the underlying asset through a public company structure, rather than holding the token directly. The only difference is the underlying asset — BTC or XRP.
I wonder if a bStock will ever be created specifically for XRPN, as has already happened with MSTRB. Then we’ll be able to compare both “treasury” models directly, using the same instrument.
$XRP #XRPN
Evernorth is a treasury company that holds XRP on its balance sheet and builds its capital around it, following exactly the same model that Strategy (MicroStrategy) once used with Bitcoin. Today, it is going public on Nasdaq through a SPAC merger with Armada Acquisition Corp II under the ticker XRPN and, according to the company, will become the world’s largest publicly listed XRP treasury. Ripple and SBI Holdings are behind the project, and its CEO is Asheesh Birla.
The model differs from simply “buy and hold”: the company actively grows its “XRP per share” metric through yield strategies on the XRP Ledger and participation in the ecosystem. In other words, it isn’t just waiting for the price to rise; it’s trying to increase the amount of XRP attributable to each share, regardless of the market.
The parallel with MSTRB is direct: an investor who buys shares in such a company effectively gets leveraged exposure to the underlying asset through a public company structure, rather than holding the token directly. The only difference is the underlying asset — BTC or XRP.
I wonder if a bStock will ever be created specifically for XRPN, as has already happened with MSTRB. Then we’ll be able to compare both “treasury” models directly, using the same instrument.
$XRP #XRPN