XRPN Surges 68% as XRP Drops Amid Evernorth Holdings Listing
A publicly traded XRP treasury company called Evernorth Holdings has sent shockwaves through the crypto market after its stock, XRPN, surged 68.25% on a single day. This comes as XRP itself dropped 2.67% to $1.46, with $4 billion in 24-hour volume.
Nate, a crypto commentator, highlighted the disconnect in the market, saying 'make it make sense.'
Evernorth Holdings went public through a merger with Armada Acquisition Corp. II, a SPAC, and its announcement on October 1 led to the stock's surge. Trading under the ticker XRPN on Nasdaq is expected to begin on October 8.
The company holds approximately 473 million XRP, making it the largest publicly traded XRP treasury company. Its backers include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The transaction raised over $1 billion in total.