A company holding about 473 million XRP expects to start trading on Nasdaq today.
đ 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.
đ Why it matters
âą It gives stock investors a listed route to $XRP exposure
âą CEO Asheesh Birla says the plan is to actively deploy the treasury across the XRP ecosystem, not just hold and wait
âą The goal is to grow XRP held per share over time
đ What to watch
âą How the stock trades against the value of its XRP holdings in its first sessions
âą 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
đŹ Would you rather own a treasury company like this or just hold the coin?
#XRP #Nasdaq
đ 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.
đ Why it matters
âą It gives stock investors a listed route to $XRP exposure
âą CEO Asheesh Birla says the plan is to actively deploy the treasury across the XRP ecosystem, not just hold and wait
âą The goal is to grow XRP held per share over time
đ What to watch
âą How the stock trades against the value of its XRP holdings in its first sessions
âą 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
đŹ Would you rather own a treasury company like this or just hold the coin?
#XRP #Nasdaq