Evernorth to list on Nasdaq with 473M XRP, but cost-basis accounting clouds earnings
- —Evernorth closed its merger on Oct. 9 and expects to trade on Nasdaq as XRPN on Oct. 12
- —The treasury holds about 473 million XRP, with roughly $300 million in gross cash proceeds
- —Backers include Ripple, SBI Group, Pantera Capital, Kraken and GSR
- —XRP is carried at cost less impairment; a $0.99 Coinbase low implied a $6.9 million writedown
Why it matters: One of the largest corporate XRP treasuries goes public, but cost-basis accounting will complicate comparisons with peers using fair value.
Source: Cryptonews.net