Ripple-Backed Evernorth Debuts on Nasdaq as First Pure-Play XRP Treasury
Evernorth's XRPN shares opened higher on Nasdaq after its SPAC merger closed, though most SPAC investors exited and its XRP holdings have fallen in value since signing.
AfroEuropa Newsroom
AfroEuropa desk
Evernorth, a digital asset treasury company backed by Ripple, began trading on the Nasdaq this week under the ticker XRPN following the completion of its merger with a special purpose acquisition company (SPAC).
According to Cointelegraph, the company's shares rose by 5% at the opening print, as the stock made its market debut. The outlet described Evernorth as the first pure-play XRP digital asset treasury to list on the exchange.
The listing came with notable financial caveats. Decrypt reported that 80% of the SPAC's investors redeemed their holdings before the merger closed. The company holds 473 million XRP, but according to Decrypt, that stash is now worth roughly 40% less than it was at the time the deal was signed.
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