Treasury company Evernorth Holdings will ring the NASDAQ closing bell today at 4:00 p.m. New York time, marking the start of trading under the XRPN ticker following its merger with SPAC Armada Acquisition Corp. II. XRP’s decline from $2.37 to $1.34-$1.40 has triggered a markdown of nearly $450 million on treasury holdings comprising 473 million XRP and approximately $300 million in fiat. Investor skepticism is confirmed: 80.3% of the original SPAC pool participants preferred cash redemption at $10.58 per share, leaving only 4.5 million shares in free float. The ownership structure reveals institutional dominance: SBI Holdings holds the largest stake with 39.9% of voting shares, followed by Arrington Capital at 19.9%, Ripple co-founder Chris Larsen at 9.9%, and Ripple Labs at 9.9%. To prevent an immediate share dump by insiders, the SEC imposed a strict six-month lock-up on the stakes of Arrington, Larsen, and Ripple until April 2027.
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