XRP News: XRPN at $24 Sits Near Book Value, Expert Says — Plan Accordingly

Evernorth (XRPN), a new $XRP-focused company backed by Ripple and SBI, is getting attention ahead of its Nasdaq debut.

Investor Matthew, MBA, said that if XRPN trades at around $24 per share, the company would be worth $750 million. He noted Evernorth currently has about $413 million in $XRP at book value. This figure represents the carrying value of its existing holdings, not the market value of the full $XRP treasury expected after the merger.

With $XRP at $1.50, the company’s market value would be close to the value of its $XRP holdings. Matthew told investors to “plan accordingly,” pointing to the relationship between XRPN’s stock price and its $XRP holdings.

This comes as Evernorth moves closer to completing its merger with Armada Acquisition Corp. II after shareholders approved the deal on October 1.

XRPN Value Compared With Its $XRP Holdings

Matthew is comparing Evernorth’s stock value with the amount of $XRP the company owns. If Evernorth is worth $750 million and its current $XRP holdings have a $413 million carrying value, its $XRP holdings would account for about 55% of the company’s value.

The $413 million figure is also different from the amount of $XRP Evernorth expects to hold after the merger. At closing, Evernorth expects to hold approximately 473 million $XRP.

At an $XRP price of $1.50, that would represent roughly $710 million in market value. Its current holdings before final contributions are lower, at approximately 347 million $XRP.

Evernorth Shareholders Approve Nasdaq Listing

In a post on X, Evernorth said that shareholders of Armada Acquisition Corp. II approved the deal, bringing the company closer to going public. The expected timeline is:

• October 7: The business combination is expected to close.
• October 8: XRPN is expected to begin trading on Nasdaq.

Notably, Evernorth has received more than $1 billion in investment commitments backed by Ripple, SBI, and other investors. SBI has committed $200 million in cash, while the broader figure includes $XRP contributed in-kind.

The expected gross cash proceeds at closing are approximately $300 million. The larger $1 billion-plus figure includes the value of $XRP contributions and other related placements.

What XRPN’s Value Means for $XRP Investors

Evernorth’s Nasdaq listing will give investors another way to gain exposure to $XRP without buying the cryptocurrency directly. After trading begins, investors will see how XRPN’s stock price compares with the value of the $XRP the company owns.

If XRPN trades above the value of its $XRP holdings, investors are paying a premium for the company and its strategy.

If XRPN trades below the value of its $XRP holdings, the market is valuing its $XRP holdings at less than their current market value.

Matthew’s comparison gives investors an early indication of this relationship. With trading expected to begin on October 8, XRPN’s debut will provide an indication of how investors value a public company that primarily holds $XRP.