Evernorth’s Nasdaq debut hit by heavy XRP losses

Evernorth shares closed their first Nasdaq session at $16.91, down roughly 68 % from the $53 peak reached on October 2 before trading began.

The company named Hugo Jeandesboz, previously co-CIO at Coinbase Asset Management, as chief investment officer tasked with actively managing its roughly 473 million XRP and $300 million cash holdings.

Investors focused instead on realized losses: 84.37 million XRP bought for $214 million at an average of $2.54 now worth about $115.6 million at the current $1.37 price.

The weak opening also coincided with Bitcoin falling below $82,000 amid $406 million in long liquidations and the launch of Ripple’s RLUSD stablecoin custody on the XRP Ledger.

Based on information from cryptonews.net