The newly listed shares of $XRP-focused treasury company Evernorth Holdings (XRPN) jumped as much as 5% on their Monday Nasdaq stock exchange debut, according to Yahoo Finance data.
Earlier on Monday, the company named former Coinbase Asset Management Co-Chief Investment Officer Hugo Jeandesboz as its new chief investment officer. He will lead treasury strategy, including treasury allocation, liquidity management and the active management of Evernorth’s $XRP holdings, according to a Monday announcement.
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Evernorth deploys its $XRP holdings to earn additional income through decentralized finance (DeFi) yield strategies.
On Oct. 2, shareholders of blank-check firm Armada Acquisition Corp. II approved the plan to combine the company with Evernorth. The company expects to hold about 473 million $XRP, currently worth $657 million, which it said would make it the largest publicly traded $XRP treasury company.
As for the $XRP token, it was recently trading hands at $1.39 apiece with $1.48 billion worth traded in the past 24 hours, according to Coingecko data. At that price, $XRP has a market cap of roughly $87.8 billion, making it the fifth-biggest cryptocurrency.