473 Million XRP Is Headed for Nasdaq Next Week: Is the Bet Already Underwater?
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Evernorth is set to begin trading on Nasdaq under the ticker XRPN after its SPAC merger closes, with a large XRP treasury already in place. The shareholder vote on the merger was completed on September 30, and the treasury is described as roughly 473 million XRP, worth about $710 million at current prices in one account of the event.
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What it means
Evernorth’s planned Nasdaq listing affects shareholders and people watching XRP exposure through stocks, because the company is set to trade under XRPN once the merger closes. The event also puts a large XRP treasury in view for the market when the listing begins, rather than only a direct coin purchase route.
Before the merger closes, the structure remains a stock listing tied to an XRP treasury rather than a direct crypto holding for investors. What changes in practice is the trading venue and ticker, while the underlying setup described here still centers on Evernorth holding XRP on its books.
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Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 37 days ago | Evernorth XRP Treasury Deal: What the Nasdaq Listing Could Mean for XRP Holdings event | 2 actors in common · 5 news media |