Evernorth’s merger with Armada Acquisition Corp. II is complete, and XRPN began trading on Nasdaq on October 12 with about 473 million XRP on its balance sheet. One expert called it the first major treasury company to go public in a long time, noting that the treasury bubble “popped and massively cooled.” The listing gives investors a live comparison of how a company that wraps XRP performs against XRP itself. It arrives in a more skeptical market than the first wave of treasury launches.

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