$XRP now has a publicly traded treasury with 473 million tokens behind it.
đ What happened
Evernorth closed its SPAC merger on October 9 and began trading as XRPN on October 12, per Brave New Coin. It raised about 300 million dollars gross and plans a Nasdaq closing bell on October 14.
đ Why it matters
âą At Binance's 1.38 dollar price, 473 million XRP is roughly 650 million dollars (my arithmetic).
âą XRP is -2.5% in 24h on about 158 million dollars of volume.
âą Equity access can attract investors who avoid holding tokens directly.
đ§Ÿ Why SPACs matter: the share price can drift away from the value of the holdings, so investors compare the two.
đ What to watch
âą XRPN share price versus the value of its XRP.
âą Risk: treasury vehicles can sell tokens or trade at a discount.
đŹ Is XRPN good for XRP: yes, no or neutral? One word.
#XRPTreasury #Evernorth
đ What happened
Evernorth closed its SPAC merger on October 9 and began trading as XRPN on October 12, per Brave New Coin. It raised about 300 million dollars gross and plans a Nasdaq closing bell on October 14.
đ Why it matters
âą At Binance's 1.38 dollar price, 473 million XRP is roughly 650 million dollars (my arithmetic).
âą XRP is -2.5% in 24h on about 158 million dollars of volume.
âą Equity access can attract investors who avoid holding tokens directly.
đ§Ÿ Why SPACs matter: the share price can drift away from the value of the holdings, so investors compare the two.
đ What to watch
âą XRPN share price versus the value of its XRP.
âą Risk: treasury vehicles can sell tokens or trade at a discount.
đŹ Is XRPN good for XRP: yes, no or neutral? One word.
#XRPTreasury #Evernorth