Evernorth to Debut on Nasdaq October 8 With 473 Million XRP on Its Books
- —473 million XRP equals about 0.75% of XRP's 63.1 billion circulating supply
- —The stack was worth roughly $1.1 billion at the signing price and about $705 million today
- —Ripple and a related party contributed about 388 million XRP in exchange for shares
- —The merger brings in about $300 million in cash before expenses, part of which will buy more XRP
Why it matters: The first major XRP treasury company on Nasdaq gives institutions regulated exposure, but a 37% loss versus the entry price poses risks for new shareholders.
Source: BeInCrypto