Evernorth has finished its merger with Armada Acquisition Corp. II and is now ready to trade on Nasdaq. At closing, the company said its treasury holds about 473 million XRP, plus around $300 million in gross cash raised before costs.
The shares are expected to start trading on Monday, October 12, under the ticker XRPN. Big names behind the company include Ripple, Pantera Capital, Kraken, SBI Group, Arrington Capital and GSR, and the firm is led by a former Ripple executive.
XRP itself was holding near $1.40 as the news spread, after trading roughly between $1.37 and $1.41 in the last day. So far the token has not made a big move, because the 473 million coins were already held by the company before the listing.
For traders, the key point is simple: XRPN is a stock, not the XRP token and not an ETF. Buying the stock gives traditional investors an easy way to get exposure to XRP through the stock market, but it does not by itself create new buying in the spot XRP market.
What to watch next is the first days of XRPN trading, whether the stock trades at a premium to its XRP holdings, and whether Evernorth uses its cash to buy more XRP or build XRP infrastructure. On the chart, traders are watching if XRP can break above $1.41 to $1.43, or if it slips back below $1.37.
Read also: Altcoin Season Over? Big Warning for Ethereum, XRP and Solana Holders
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: CryptoCompass, Cointelegraph, WalletInvestor
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