Evernorth shareholders approve $1B XRP treasury deal, clearing Nasdaq path

This approval matters less for the merger mechanics than for what it signals: a pure-play XRP treasury vehicle reaching public markets through a blank-check route, giving traditional equity holders direct balance-sheet exposure to the token. It sits in the same lineage as other listed crypto treasury companies, where the equity trades as a proxy for the underlying asset. The open question is whether the roughly 473 million XRP is deployed passively or actively, since that determines whether the vehicle behaves like a tracker or a manager.