Evernorth Holdings debuted on the Nasdaq on October 12 following its merger with Armada Acquisition Corp. II. XRPN stock peaked at $19.39 before settling to close at $16.91, up 1.38%, with approximately 1.29 million shares traded. The company raised over $1 billion and holds roughly 473 million XRP tokens alongside $300 million in cash, backed by major investors including Ripple, SBI Group, Kraken and Pantera Capital. This IPO represents the first major test for a crypto treasury company since the speculative bubble burst, as XRP struggles to recover, down 46% year-over-year and 62% from its all-time high of $3.65.
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