XRPN fund lists on NASDAQ, Evernorth faces $450 million devaluation after XRP drop

Evernorth Holdings, a treasury management firm, commenced trading of its shares on NASDAQ today under the ticker XRPN, following a completed merger with Armada Acquisition Corp. II. The event, marked by a symbolic closing bell ceremony at 4:00 p.m. New York time, signifies Wall Street’s entry into the world’s largest public fund backed by the XRP token. Despite the celebratory atmosphere, trading began amid significant market discounts and regulatory restrictions. The XRPN fund differs from conventional spot ETFs by adopting an actively managed investment strategy.

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