XRP treasury Evernorth’s shares rise 5% at Nasdaq opening print

Evernorth's shares surged by 5% in their Nasdaq debut after investors embraced the first pure-play XRP digital asset treasury company. The company's stock climbed as high as 5% on Monday, according to Yahoo Finance data. Evernorth initiated its Nasdaq listing on Monday, announcing the appointment of Hugo Jeandesboz, a former Coinbase Asset Management Co-Chief Investment Officer, as its new chief investment officer.

This move will oversee Evernorth's treasury strategy, encompassing allocation, liquidity management, and the active management of their XRP holdings, the company announced. Evernorth strategically utilizes its XRP holdings to generate income through decentralized finance (DeFi) yield strategies. On October 2, shareholders of Armada Acquisition Corp. II approved the merger between the blank-check firm and Evernorth.

The combined entity aims to hold approximately 473 million XRP, currently valued at $657 million, positioning it as the largest publicly traded XRP treasury company. As of now, XRP is trading at $1.39 per token, with $1.48 billion worth of trading activity in the past 24 hours, as per CoinGecko data. This valuation places XRP at a market cap of around $87.8 billion, ranking it as the fifth-largest cryptocurrency by market value.