Evernorth Clears Nasdaq Listing, Bringing XRP Treasury Closer to Public Markets
Evernorth's planned XRP treasury listing has moved closer to public markets after Armada shareholders approved the merger. The combined company is expected to begin trading on October 8, subject to closing. This marks a significant step towards making Evernorth's treasury accessible to investors through the Nasdaq stock exchange.
The merger plan involves raising over $1 billion in cash and XRP from private placements, with some of the treasury coming from in-kind contributions where investors transfer their existing tokens for ownership interest. At closing, Evernorth expects to hold around 473 million XRP, up from its current holdings of 346.3 million XRP.
Investors will need to assess how Evernorth deploys its cash and whether it raises additional capital to determine the impact on XRP buying. The company's growth in XRP per share will also be an important factor, as a larger treasury can leave each share with less XRP if more shares are issued.