Evernorth Debuts on Nasdaq as XRPN With $677M XRP Treasury
- —473 million XRP treasury valued at about $677 million at $1.43 per token
- —XRP traded at $2.37 when the deal was signed, a 40% decline since
- —About 80.3% of SPAC shareholders redeemed 18.5 million shares for roughly $195 million
- —SBI Holdings holds 39.9% of voting shares, Arrington Capital 19.9% and Chris Larsen 9.9%
Why it matters: The listing gives brokerage access to XRP exposure, but a thin float and a valuation gap versus the original deal raise dilution and volatility risks.
Source: Cryptonews.com