XRP Treasury Firm Evernode Rises 5% on Nasdaq Debut
Summary
- Evernode Holdings said its stock rose as much as 5% on its first day of Nasdaq trading, signaling a smooth market debut.
- Evernode said it appointed former Coinbase Asset Management co-CIO Hugo Jandevoz as its new CIO to oversee management of its XRP holdings, liquidity management and capital allocation strategy.
- Evernode said it plans to hold about 473 million XRP (about $657 million) after the merger, which would make it the largest publicly listed XRP treasury company.
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Evernode Holdings, a digital-asset company that holds and manages XRP, rose as much as 5% on its first day of trading on Nasdaq.
Cointelegraph reported on October 12 that Evernode Holdings, which trades under the ticker XRPN, climbed as much as 5% from the prior session after the market opened, citing Yahoo Finance data.
Evernode also named former Coinbase Asset Management co-Chief Investment Officer Hugo Jandevoz as its new CIO on the day of the listing. He will oversee the company’s XRP holdings, liquidity management and capital allocation strategy.
The company is structured to generate additional returns by deploying its XRP holdings in decentralized finance, or DeFi, yield strategies. On October 2, shareholders of special purpose acquisition company Armada Acquisition Corp. II approved a merger with Evernode. After the merger, Evernode plans to hold about 473 million XRP, worth about $657 million at current prices, and said that would make it the largest publicly listed XRP treasury company.
Meanwhile, XRP was trading at $1.39, according to CoinGecko data. Its 24-hour trading volume was about $1.48 billion, and its market capitalization stood at about $87.8 billion, ranking it fifth among cryptocurrencies by market value.
