XRP digital asset custodian Evernorth has submitted a crucial filing with the U.S. Securities and Exchange Commission (SEC), marking a significant step towards its planned public listing on the Nasdaq Stock Exchange.
Should the SEC approve the filing, Evernorth stated that it would still require final approval from Armada II shareholders for the merger before it could officially list on Nasdaq under the ticker symbol XRPN.
Despite market volatility, Evernorth has been building its XRP (XRP) asset pool. According to CoinGecko data, the company's asset pool is valued at $692.24 million, holding 473.27 million XRP. These XRP were purchased in two tranches between October 20 and November 4, at an average cost of $2.54 per coin. However, due to the recent downturn in the broader cryptocurrency market, its holdings have seen a 19.1% decrease in value over the past three months. XRP was trading at $1.47 at the time of this report.
XRP's recent price performance. Source: CoinGecko
Notably, Evernorth's asset pool plans coincide with the SEC's latest guidance, which classifies XRP as a digital commodity. The SEC's guidance also lists Aptos (APT), Avalanche (AVAX), Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH) as examples of digital commodities.
Ripple Chief Legal Officer Stuart Alderoty stated on the X platform: "We've always been clear that XRP is not a security – now the @SECGov has clarified its nature: a digital commodity. Thank you to the Crypto Industry Working Group for bringing the clarity the market, investors, and innovators have long awaited."
Source: Stuart Alderoty