Evernorth completed its merger and made its Nasdaq debut on October 12, but the listing has so far failed to lift XRP, which remains stuck near $1.33.

According to a COINOTAG update published on October 21 at 15:12 UTC, the company closed its merger with approximately 473 million XRP plus roughly $300 million in gross cash proceeds ahead of the October 12 Nasdaq debut. A filing tied to the transaction projected that Evernorth would hold at least 473,276,430 XRP at closing — a figure that gives readers a concrete baseline for checking the company's reported holdings in any later disclosure.

Evernorth built around an XRP treasury strategy, holding XRP, the native token of the XRP Ledger, on its balance sheet alongside newly raised cash. Treasury-style companies that accumulate digital assets and list on US equity exchanges have become an increasingly common feature of the crypto landscape, offering public-market investors indirect exposure to underlying tokens. Structurally, however, the shares and the token are separate instruments that trade in separate markets, so activity around a Nasdaq listing and trading in XRP itself are distinct events that need not move in step.

Despite the scale of the token position and the capital secured, XRP showed little upward movement around the debut, holding near the $1.33 level at the time of the update. The episode offers a useful data point on the treasury model in practice: in this instance, a debut backed by a position of more than 473 million XRP did not coincide with meaningful upward movement in the token itself. The next markers are documentary rather than price-based — whether subsequent filings confirm a closing balance in line with the projected 473,276,430 XRP, and how the company discloses use of its roughly $300 million in cash proceeds.

This content was first published on COINOTAG: https://en.coinotag.com/evernorth-nasdaq-listing-fails-to-lift-xrp