473 Million XRP Is Headed for Nasdaq Next Week: Is the Bet Already Underwater?
Evernorth is seven days from a Nasdaq debut with 473 million XRP on its books. Shareholders accredited its merger on September 30, however these cash now commerce 37% under the worth set when the deal was signed.
XRP is the fifth-largest cryptocurrency by market worth. Evernorth provides inventory buyers a slice of it via a share, with no cash to purchase.
Why Evernorth’s 473 Million XRP Is Worth $414 Million Less Than at Signing
Evernorth is a treasury firm, a listed agency whose predominant enterprise is holding one crypto token. It is merging with Armada Acquisition Corp. II, a Nasdaq shell firm constructed to take corporations public.
The deal was signed in October 2025. Back then, filings priced Ripple’s 126.8 million XRP contribution at about $2.37 per coin.
Today, XRP trades at $1.49, in keeping with BeInCrypto’s XRP price data.
At the signing worth, 473 million XRP can be value about $1.1 billion. At right this moment’s worth, it’s value about $705 million.
Most of that stack was by no means purchased on the open market. Ripple, the deal’s sponsor, and a associated get together handed over about 388 million XRP in trade for shares, the prospectus exhibits.
What XRPN Buyers Actually Get on October 8
The merger additionally brings about $300 million in money earlier than bills, in keeping with the firm’s release. Filings say a part of it can purchase extra XRP.
Evernorth additionally plans to place its cash to work. It says it can chase yield and capital markets offers to develop the XRP behind every share.
“Going public will supply buyers a regulated, clear method to personal XRP publicity and take part in the development of the blockchain financial system,” Asheesh Birla, Evernorth’s founder and CEO, made the case in the release.
BeInCrypto reported in August that the agency was one final vote away from Nasdaq. That vote has now handed.
Closing on October 7 relies on last situations, and buying and selling underneath XRPN nonetheless wants Nasdaq’s approval.
Yet 473 million cash equal about 0.75% of XRP’s 63.1 billion circulating provide. On October 8, the inventory market places its personal worth on that wager.
The put up 473 Million XRP Is Headed for Nasdaq Next Week: Is the Bet Already Underwater? appeared first on BeInCrypto.
