Evernorth (XRPN) debuted on the Nasdaq Composite on Monday, October 12. The merger is complete. It brings 473 million XRP to public markets. This launch marks the first major treasury company listing in a long time. It arrives after a period of significant cooling in the sector. Scott Melker discussed the details. He noted that while the asset was already trading on other markets, the completion of the merger is the definitive development. The core question for investors is how this specific wrapper will perform against XRP itself. The company aims to increase XRP per share. This strategy is comparable to Strategy’s approach of increasing Bitcoin per share. Melker observed that the timing is notable. The debut meets a more skeptical market than the one encountered by the first wave of such companies. He suggested this could represent a second, more conservative wave of treasury launches. However, he acknowledged it is difficult to know for certain. Treasury companies have historically served as an institutional wrapper for gaining exposure to Bitcoin and other crypto assets. The market will now watch to see if the public vehicle allows Evernorth to outperform the underlying asset.