XRP Treasury Firm Evernode Gains 5% in Nasdaq Debut
Summary
- Evernode Holdings (ticker: XRPN) rose as much as 5% on its first day of Nasdaq trading, marking a solid debut.
- Evernode appointed former Coinbase Asset Management co-CIO Hugo Jandevaux as its new CIO to oversee XRP asset management, liquidity management and treasury allocation strategy.
- Evernode said it plans to hold about 473 million XRP after the merger, making it the largest publicly listed XRP treasury company with holdings worth about $657 million.
Forecast Trend Report by Period
Evernode Holdings, a digital-asset company that holds and manages XRP, got off to a solid start in its Nasdaq debut, with the stock rising as much as 5% on its first trading day.
Cointelegraph reported on Oct. 12 that Evernode Holdings, which trades under the ticker XRPN, climbed as much as 5% from the prior close after the Nasdaq open, citing Yahoo Finance data.
Evernode also appointed former Coinbase Asset Management co-Chief Investment Officer Hugo Jandevaux as its new CIO on the day of the listing. He will oversee management of the company’s XRP holdings, liquidity management and treasury allocation strategy.
The company is structured to generate additional returns by deploying its XRP holdings in decentralized-finance yield strategies. On Oct. 2, shareholders of special purpose acquisition company Armada Acquisition Corp. II approved a merger with Evernode. After the merger, Evernode said it plans to hold about 473 million XRP, worth about $657 million at current prices, making it the largest publicly listed XRP treasury company.
Meanwhile, CoinGecko data showed XRP was trading at $1.39. Its 24-hour trading volume stood at about $1.48 billion, while its market capitalization was about $87.8 billion, ranking it fifth among cryptocurrencies by market value.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.