Ripple’s new XRP treasury falls flat on first trading day
Somehow, Ripple managed to lose investors’ money on the first trading day of its new digital asset treasury (DAT), Armada Acquisition Corp II (AACI).
It immediately flatlined, closing negative for the day and failing to break a multi-month losing streak in XRP stocks.
At 8am yesterday, New York time, Ripple was mentioned in a glowing press release featuring a who’s who of crypto industry titans: Kraken, SBI, Pantera, GSR, and Arrington Capital.
The companies boasted about their “regulated, liquid, and transparent structure” that would supposedly “act as a long-term catalyst for the adoption and institutionalization of the XRP Ledger.”
For less than seven minutes and on so little volume that Yahoo! Finance rounded it to 0, shares of AACI ticked up for a 2.5% gain over the prior day’s closing price.
Every other trade for the day was lower.
Evernorth headed south
Despite its upcoming name change to Evernorth and symbol change to XRPN, its share price certainly never went north.
Ticking down in pre-market trading slightly below Friday’s close and opening Monday’s 9:30am main trading session a couple percentage points lower, shares never recovered.
In a disappointingly flat session, shares closed Monday near their lows for the day and 2.3% beneath Friday’s close.
Read more: Ripple thinks its SPAC can break XRP stocks losing streak
As Protos covered on Friday, Ripple had hoped that its new DAT would break XRP stocks’ losing streak. Unfortunately, it didn’t.
Indeed, almost every other XRP DAT has declined in value since their XRP acquisition announcements. For example, VivoPower International had halved, Webus International had declined more than 60%, and Wellgistics had declined 70%.
Add AACI to that list. The first day on public markets for the largest XRP DAT in history was red.
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