$XRP now has a publicly traded treasury with 473 million tokens behind it.
๐ What happened
Evernorth closed its SPAC merger on October 9 and began trading as XRPN on October 12, per Brave New Coin. It raised about 300 million dollars gross and plans a Nasdaq closing bell on October 14.
๐ Why it matters
โข At Binance's 1.38 dollar price, 473 million XRP is roughly 650 million dollars (my arithmetic).
โข XRP is -2.5% in 24h on about 158 million dollars of volume.
โข Equity access can attract investors who avoid holding tokens directly.
๐งพ Why SPACs matter: the share price can drift away from the value of the holdings, so investors compare the two.
๐ What to watch
โข XRPN share price versus the value of its XRP.
โข Risk: treasury vehicles can sell tokens or trade at a discount.
๐ฌ Is XRPN good for XRP: yes, no or neutral? One word.
#XRPTreasury #Evernorth
๐ What happened
Evernorth closed its SPAC merger on October 9 and began trading as XRPN on October 12, per Brave New Coin. It raised about 300 million dollars gross and plans a Nasdaq closing bell on October 14.
๐ Why it matters
โข At Binance's 1.38 dollar price, 473 million XRP is roughly 650 million dollars (my arithmetic).
โข XRP is -2.5% in 24h on about 158 million dollars of volume.
โข Equity access can attract investors who avoid holding tokens directly.
๐งพ Why SPACs matter: the share price can drift away from the value of the holdings, so investors compare the two.
๐ What to watch
โข XRPN share price versus the value of its XRP.
โข Risk: treasury vehicles can sell tokens or trade at a discount.
๐ฌ Is XRPN good for XRP: yes, no or neutral? One word.
#XRPTreasury #Evernorth