Evernorth shares gain 5% in Nasdaq debut as XRP reserve plans emerge

what happened

Shares of Evernorth Holdings (XRPN), a company focused on holding XRP as a treasury asset, climbed as much as 5% in Monday’s Nasdaq debut, Cointelegraph reported, citing Yahoo Finance data.

Earlier that day, Evernorth appointed Hugo Jeandesboz, formerly Coinbase Asset Management’s Co-Chief Investment Officer, as its new chief investment officer. His responsibilities will include treasury allocation, liquidity oversight and active management of the company’s XRP holdings. Evernorth uses those holdings to seek additional income through decentralized finance (DeFi) yield strategies.

On Oct. 2, investors in blank-check company Armada Acquisition Corp. II approved a combination with Evernorth. The company expects to hold approximately 473 million XRP, valued at $657 million, and says this would make it the largest publicly traded company centered on an XRP treasury. XRP was recently changing hands at $1.39, with $1.48 billion traded over 24 hours. Its market capitalization was about $87.8 billion, ranking it as the fifth-largest cryptocurrency.

why it matters

The listing puts attention on the scale of Evernorth’s XRP holdings and its plan to generate income through DeFi strategies. The new investment chief will oversee allocation, liquidity and active management of the reserve.

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