A closer look at “Ripple-Backed Evernorth Lists on Nasdaq With 473M XRP, but SPAC Exodus and 40% Token Loss ”, exactly as the source publishes it. Evernorth, a Ripple-backed investment firm, began trading on the Nasdaq Monday under the ticker XRPN after completing its merger with special purpose acquisition company (SPAC) Trident Acquisitions Corp. However, the debut was clouded by two major setbacks: approximately 80% of SPAC investors redeemed their shares before the merger closed, and the company’s 473 million XRP holdings have lost roughly 40% of their value since the deal was signed.
The redemptions significantly reduced the cash Evernorth expected to receive, while the XRP depreciation has eroded the asset base underpinning its strategy. The company, which focuses on blockchain and digital asset investments, had touted its XRP treasury as a key differentiator, but the volatile token market has undercut that narrative. The full version stays on the original page, which this listing opens directly.