XRP treasury Evernorth’s shares rise 5% at Nasdaq opening print

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Evernorth’s share price rose by 5% as investors welcomed the Nasdaq debut of the first pure-play XRP digital asset treasury.

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 .

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.

Related: Dragonfly partner rejects ‘bunker mode’ doomerism, calls for proactive blockchain measures

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