XRPN, Evernorth's Nasdaq-listed ticker, closed its first trading session at $16.91 on Monday. The print came in below the $19.39 the shares touched at their intraday peak and roughly 68% beneath the $53 high the stock printed on Oct. 2 — a gap that captures the distance between that early-October high and the ticker's first Nasdaq close.

The weak start left Evernorth's $214 million XRP position sitting 46% under water, market shorthand for a holding whose current value has slipped below the cost of assembling it.

Evernorth also used its debut day to place its 473 million XRP reserve with a professional desk, handing oversight of the holdings to Hugo Jeandesboz. The arrangement shifts day-to-day oversight of the reserve to an external trading specialist, a structure commonly used by digital asset treasury firms that hold tokens on their balance sheets.

For readers tracking the listing, the debut close now stands as the ticker's first Nasdaq reference point, and the reserve's reported value will move with XRP's market price in future marks.

This content was first published on COINOTAG: https://en.coinotag.com/evernorth-xrp-position-46-percent-under-water