Evernorth (XRPN) shares rise as much as 5% in Nasdaq debut, names new CIO
In brief
- Evernorth (XRPN) shares rose as much as 5% intraday in their Monday Nasdaq debut.
- Evernorth named Hugo Jeandesboz, former Coinbase Asset Management co-CIO, as chief investment officer.
- Evernorth said it expects to hold about 473 million XRP.
- Armada Acquisition Corp. II shareholders approved the Evernorth combination on Oct. 2.
A new CIO on listing day
Evernorth announced the Jeandesboz hire earlier on Monday, Cointelegraph reported.
So what's the job? Jeandesboz will lead treasury strategy, which covers treasury allocation, liquidity management and the active management of the company's XRP holdings (that last part is where it gets interesting for anyone who follows defi).
Evernorth doesn't just hold its XRP. Cointelegraph's report put it plainly:
"Evernorth deploys its XRP holdings to earn additional income through decentralized finance (DeFi) yield strategies."
From SPAC vote to Nasdaq
Cointelegraph has described Evernorth as the first pure-play XRP digital asset treasury, and its route to Nasdaq ran through a blank-check deal. On Oct. 2, shareholders of Armada Acquisition Corp. II approved the plan to combine the company with Evernorth.
Evernorth has said it expects to hold about 473 million XRP, a stake Cointelegraph valued at $657 million at the time. The company also said those holdings would make it the largest publicly traded XRP treasury company.
Those are Evernorth's own figures.
Where XRP stands
XRP was recently trading at $1.39 apiece, with $1.48 billion worth traded over the prior 24 hours, according to CoinGecko data cited by Cointelegraph. At that price, the token had a market cap of roughly $87.8 billion, making it the fifth-largest cryptocurrency.
That matters for Evernorth, because the value of its planned 473 million XRP stake moves with the token. It's also worth keeping the share move in context: the 5% figure is the peak gain Yahoo Finance data showed during XRPN's first session, not a reported closing price.
Frequently asked questions
What is Evernorth Holdings?
Evernorth Holdings (XRPN) is an XRP-focused treasury company that listed on Nasdaq on Monday. Cointelegraph described it as the first pure-play XRP digital asset treasury. The company says it expects to hold about 473 million XRP.
How did Evernorth become a public company?
Evernorth went public by combining with a blank-check firm. On Oct. 2, shareholders of Armada Acquisition Corp. II approved the plan to merge that company with Evernorth, and the shares debuted on Nasdaq afterward.
What does Evernorth do with its XRP?
Evernorth deploys its XRP holdings in decentralized finance (DeFi) yield strategies to earn additional income. Its new CIO, Hugo Jeandesboz, will lead treasury strategy, including allocation, liquidity management and active management of those holdings.
