This is getting interesting.
Evernorth’s merger with Armada Acquisition Corp. II has now been approved, and the company is targeting October 8 to begin trading on Nasdaq under $XRPN, with closing expected on October 7 if the remaining conditions are completed.
At closing, Evernorth is expected to hold around 473 million $XRP .
That makes this a pretty unusual setup:
🔹 Buy $XRP directly
🔹 Get XRP exposure through an ETF
🔹 Or buy $XRPN, a Nasdaq-listed company built around an XRP treasury
And there’s another number I’m watching.
The transaction and related financing have raised more than $1B, while the deal itself is expected to generate around $300M in gross cash proceeds.
But here’s the interesting part:
$XRP is currently trading around $1.49, roughly 37% below the ~$2.37 price used to value Ripple’s contribution when the deal was signed. At today’s price, 473M XRP would be worth roughly $705M.
So Oct. 8 could give the market a real-time test of how investors value an XRP-focused public company.
The big question now:
Will $XRPN create more demand for XRP exposure — or will the stock simply become another way for traders to express the same XRP thesis? 👀
I’m watching $XRP and $XRPN closely into Oct. 8. 🔥
#evernorthplansnasdaqlistingoct8 #NEARFallsToAround$4.70Down14% #SECProposesCryptoCustodyFramework #IMFApproves$139MDisbursementToElSalvador
#AnthropicTargetsIPOAsSoonAsMidNovember
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