Add as a preferred source on GoogleEvernorth Shares Open 5% Higher in Nasdaq XRP Treasury Debut
The company expects to hold about 473 million XRP and has appointed former Coinbase executive Hugo Jeandesboz as chief investment officer.
Evernorth Holdings shares rose 5% at the Nasdaq opening Monday, giving investors a public-market vehicle focused on holding and managing XRP.
The company trades under the ticker XRPN and expects to hold about 473 million XRP, valued at $657 million at the stated price. Evernorth said the position would make it the largest publicly traded XRP treasury company.
Evernorth also appointed Hugo Jeandesboz as chief investment officer. The former Coinbase Asset Management co-chief investment officer will oversee treasury allocation, liquidity management and the active management of the company’s XRP holdings.
The company plans to use its XRP holdings in decentralized finance yield strategies to generate additional income. Shareholders approved Evernorth’s combination with blank-check firm Armada Acquisition Corp. II on Oct. 2, clearing the transaction tied to the Nasdaq listing.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.