|

Ripple-backed Evernorth goes live on Nasdaq with 473 million XRP treasury

  • Evernorth began trading on the Nasdaq under the ticker XRPN, bringing XRP exposure to the traditional stock market.
  • The firm holds 473 million XRP and $300 million in gross cash proceeds following its merger.
  • Roughly 80.3% of Armada Acquisition Corp. II’s public shareholders redeemed their shares, withdrawing roughly $195 million before the merger closed.

Ripple-backed digital asset treasury firm Evernorth began trading on the Nasdaq on Monday under the ticker XRPN, giving traditional stock market investors exposure to XRP.

Evernorth lists on Nasdaq with 473 million XRP treasury

The listing follows the completion of Evernorth’s business combination with Armada Acquisition Corp. II on Friday. The company entered public markets holding approximately 473 million XRP and $300 million in gross cash proceeds, according to a Friday announcement.

Evernorth’s XRP holdings were valued at approximately $639 million according to current prices, well below the $1 billion in funding the company initially announced for its XRP treasury strategy. The company purchased XRP at $2.37 when the deal was signed, signaling a roughly 40% decline.

Evernorth’s Nasdaq debut also followed substantial redemptions by investors in Armada Acquisition Corp. II. Approximately 80.3% of the SPAC’s public shareholders redeemed their shares for cash before the merger closed, withdrawing roughly $195 million from the transaction.

Evernorth targets XRP yield through lending and liquidity provision

Rather than holding XRP as a passive investment, Evernorth plans to pursue strategies designed to increase the amount of XRP backing each share.

The company intends to deploy its holdings through decentralized finance (DeFi) strategies, including lending and liquidity provision, as well as participation in the XRP Ledger ecosystem and validator operations. These activities are intended to generate yield and increase its XRP holdings per share over time.

Evernorth also appointed Hugo Jeandesboz, the former co-chief investment officer of Coinbase Asset Management, to oversee its investment strategy. His responsibilities include managing the company’s treasury allocation and pursuing opportunities across digital asset markets.

The company’s listing adds to the growing number of publicly traded businesses using digital assets as treasury reserves. While the model can give investors crypto exposure through traditional equity markets, returns remain vulnerable to token price swings and the challenges of managing a concentrated digital asset portfolio.

XRPN shares briefly climbed toward $19 before settling at $17.49, up 3% in after-hours trading.

Author

Michael Ebiekutan

With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addition to

More from Michael Ebiekutan
Share:

Editor's Picks

Ripple defends 50-day EMA as Standard Chartered launches RLUSD custody

Ripple is coming under intense selling pressure, trading around $1.40 on Monday. The remittance token appears to lack the required tailwind to sustain its recovery, while broader crypto market headwinds weigh on price action.

NEAR Protocol rally stalls below $6 amid firm ETF inflows

NEAR Protocol is down 3% at press time on Monday, ticking lower after rallying 30% over the last three days as buying pressure eases. The recovery aligns with Bitwise’s NEAR-focused ETF recording its second weekly inflow of over $13 million last week.

Bitcoin struggles as ETF outflows, geopolitical uncertainty weigh

Bitcoin steadies around $83,600 at the time of writing on Monday, after a 3.1% decline last week. Institutional demand shows weakening signs, with spot ETFs recording $681.10 million in net outflows last week, ending a three-week streak of inflows.

Crypto Today: Bitcoin, Ethereum and XRP face recovery headwinds as ETF outflows weigh

Cryptocurrency prices are broadly consolidating on Monday, with select tokens such as Ethereum slowly edging higher above $2,500. Bitcoin holds above $84,000 as bulls battle seller congestion, while Ripple consolidates around $1.40.

Bitcoin: Uptober or Rektober?
Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.