Evernorth Holdings (XRPN), a treasury company focused on XRP, saw its shares surge by up to 5% during its debut on the Nasdaq stock exchange on Monday. This strong opening follows the company’s strategic move to appoint Hugo Jeandesboz, former Coinbase Asset Management Co-Chief Investment Officer, as its new chief investment officer. Jeandesboz will oversee treasury strategy, including allocation, liquidity management, and the active management of Evernorth’s substantial XRP holdings.
Evernorth leverages its XRP holdings to generate additional income through decentralized finance (DeFi) yield strategies. The company recently received approval from shareholders of blank-check firm Armada Acquisition Corp. II to merge with Evernorth. Post-merger, Evernorth is expected to hold approximately 473 million XRP, currently valued at $657 million, positioning it as the largest publicly traded XRP treasury company.
At the time of reporting, the XRP token was trading at $1.39, with a 24-hour trading volume of $1.48 billion. This price gives XRP a market capitalization of roughly $87.8 billion, making it the fifth-largest cryptocurrency by market cap.