BREAKING: XRP Goes to Wall Street — Evernorth Starts Nasdaq Trading Today as XRPN With 473 Million XRP

Today is a big day for XRP. Evernorth, the Ripple-backed company built around an XRP treasury, is set to start trading on Nasdaq today, Monday October 12, under the ticker XRPN. It gives stock market investors a new way to get exposure to XRP without buying crypto directly.

Evernorth completed its merger with Armada Acquisition Corp. II and announced the closing on October 9. At closing, the company held about 473 million XRP and raised about $300 million in gross cash proceeds before expenses, making it one of the largest publicly traded XRP treasury companies.

The deal is backed by well-known names including Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Evernorth says it will actively manage its treasury, deploy capital across the XRP economy, and work on strategies designed to grow the amount of XRP behind each share over time. The company is also expected to ring the Nasdaq closing bell on October 14.

For traders, the timing is important. XRP has been trading near $1.40 after a weak week for the wider market, with Bitcoin holding near $83,000. A strong first day for XRPN — high volume and a price close to the value of its XRP holdings — could improve sentiment around XRP. A weak debut would show that stock investors are still cautious.

What to watch now is the opening trade: XRPN's first price, its trading volume, and whether buying in the stock spills over into XRP itself. First days for new crypto treasury stocks can be very volatile, so traders should expect sharp moves in both directions.

Read also: Bitcoin Tests $83,000 as Traders Brace for CPI, $1.25 Billion Options Expiry and Big Token Unlocks

This post is news only, not financial advice. Always do your own research before buying or selling crypto.

Sources: Coinpaper, U.Today, Blockchain Reporter