XRP Evernorth Treasury Shares Rise 5% at Nasdaq Open

Evernorth shares rose 5% as investors welcomed the debut of the first pure-play XRP digital asset treasury on Nasdaq.

Shares of Evernorth rose 5% as investors welcomed the launch of Nasdaq's first pure-play XRP digital asset vault.

Newly listed treasury stock Evernorth Holdings (XRPN) rose 5% in its first day on the Nasdaq on Monday, according to data from Yahoo Finance.

Earlier Monday, the firm named former Coinbase Asset Management chief investment officer Hugo Jeandesboz as its new chief investment officer. He will lead treasury strategy, including treasury allocation, liquidity management and active management of Evernorth's XRP assets, according to Monday's announcement.

Evernorth leverages its XRP assets to generate additional revenue through decentralized finance (DeFi) strategies.

On October 2, shareholders of Armada Acquisition Corp. II approved the plan to combine the company with Evernorth. The company expects to hold about 473 million XRP, which is currently worth $657 million, making it the largest XRP treasury company, he said.

As for the XRP token, it recently traded at $1.39 with a value of $1.48 billion in the last 24 hours, according to data from Coingecko. At this price, XRP's market cap is roughly $87.8 billion, making it the fifth largest cryptocurrency.