Peter Brandt Calls XRP a “Fool Coin” Just Before 473 Million XRP Lists on Nasdaq. Does Payment Utility Count for Anything in the Price?

Armada Acquisition Corp. II shareholders approved its merger with Ripple-backed Evernorth, expected to close on October 7 with a Nasdaq debut under XRPN on October 8. Evernorth will hold about 473 million XRP, valued at roughly $727 million at current prices. The deal is expected to generate $300 million in gross cash proceeds, with XRP investors contributing in kind.

Evernorth's shareholder vote clears path for Nasdaq listing under XRPN, expected to close on October 7. The company plans to hold 473 million XRP, aiming to be the largest publicly traded XRP treasury. The transaction remains subject to closing conditions, with trading set to begin on October 8, pending approvals.

U.S. Treasury yields surged to multiyear highs, with the 10-year yield at 5.256% and the 30-year at 5.629%. Nike (NKE) reported Q1 revenue of $11.2B, down 4% YoY, and forecasted a high-single-digit revenue decline for fiscal 2027. Oil prices rose above $100 a barrel. Key stocks in focus: NKE, NFLX, BABA, XRPN.

Bitcoin (BTC) rose above $85,000, while Ethereum (ETH), XRP, and Solana saw modest gains. Crypto-related stocks like MicroStrategy (MSTR) and Bitmine Immersion (BMNR) also climbed. Over $190 million in crypto positions were liquidated, with $107 million in long positions. Analysts noted reduced sell pressure above BTC's current level, suggesting potential for faster upward movement.

The SEC proposed a rule allowing investment advisers to hold Bitcoin and other cryptocurrencies for clients, potentially directing significant funds into the market. The rule updates the Investment Advisers Act and Investment Company Act, enabling state trust companies and broker-dealers to act as custodians. Advisers could hold private keys under strict conditions, but custodians will likely decide which cryptocurrencies are accessible.

Evernorth received shareholder approval for its Nasdaq listing, expected to close on Oct. 7 under ticker XRPN. The company will hold 473M XRP, valued at $710M, making it the largest publicly traded XRP treasury. The deal aims to raise $300M, including $225M from private placements and $30M in convertible notes.