Ripple-Backed XRP Treasury Firm Evernorth Makes Nasdaq Debut After $1 Billion Buy
Ripple-backed XRP treasury firm Evernorth Holdings has debuted on Nasdaq under the ticker symbol “XRPN” after it accumulated $1 billion worth of XRP.
The special purpose acquisition company (SPAC) called Armada Acquisition Corp. II confirmed in a press release that its Nasdaq ticker symbol has changed, adding that its units and warrants now trade under “XRPNU” and “XRPNW,” respectively.
The confirmed change builds on the company’s transition into a dedicated XRP treasury firm, and follows its earlier merger with Evernorth Holdings.
Arrington Capital, the firm that sponsored Armada Corp. II, said that the firm has a “high conviction in Evernorth’s ability to drive meaningful impact and add shareholder value.”
New Entity Secured $1 Billion For XRP Purchases
Armada Acquisition Corp. II and Evernorth Holdings secured $1 billion in gross proceeds that have been earmarked for open-market purchases, the press release said.
The Nasdaq changes come after Evernorth Holdings completed its XRP purchases through several parties. These included Ripple Labs itself, Uphold, and Chris Larsen, who is one of Ripple’s co-founders. Overall, the new entity holds 388 million XRP tokens.
It is not the first company working to build a crypto treasury around the XRP token. Others include VivoPower International and Trident Digital Tech Holdings.
Even with the growing institutional interest, the price of XRP has struggled to break out of the downtrend it has been trading in over the past month.
In the last 24 hours, the altcoin dropped a fraction of a percent to trade at $2.52 as of 8:27 a.m. EST, according to CoinMarketCap data.
XRP price (Source: CoinMarketCap)
It has skyrocketed 386% over the past year
XRP ETF Could See Billions In Inflows
While companies begin to grow XRP treasuries, fund managers including Grayscale, Bitwise, Franklin Templeton, and 21Shares have filed amendments to their respective XRP ETF (exchange-traded fund) applications.
Meanwhile, Bitwise chief investment officer (CIO) Matt Hougan recently predicted that the eventual launch of an XRP ETF could attract billions of dollars in inflows within months of getting approved.
“People underestimate XRP’s momentum,” he said, adding that “the XRP Army remains one of the most passionate in crypto.”
However, the potential approval of a US spot XRP ETF has been delayed amid the ongoing US government shutdown that is close to entering its second month.
The decision deadlines for the proposed products were earlier this month, but the US Securities and Exchange Commission (SEC) said it would not approve applications while the shutdown persists.
Bets for when the government shutdown will end (Source: Polymarket)
Traders on the decentralized predictions market Polymarket believe there is a 39% chance that the government shutdown will continue through Nov. 16. The next-highest odds for when it will end are for between Nov. 8 and Nov. 15.
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