🚨 $XRPN — NOW WE CAN FINALLY START DOING REAL POST-MERGER MATH 🚨 With the closing filing in hand, my current estimate is roughly: 🔹 473.3M $XRP held 🔹 ~77.6M economic share-equivalents 🔹 ~6.10 XRP per $XRPN share 🔹 At ~$1.40–$1.43 $XRP + estimated net non-XRP assets → ~$9 NAV per share. So what could $XRPN reasonably trade at depending on the premium investors assign to Evernorth? 📊 SCENARIO 1 — 1× NAV $9 × 1 = ~$9/share ➡️ Basically valued near underlying assets. 📈 SCENARIO 2 — 1.5× NAV $9 × 1.5 = ~$13.50/share ➡️ Moderate premium for active treasury management. 🔥 SCENARIO 3 — 2× NAV $9 × 2 = ~$18/share ➡️ Market believes Evernorth can successfully grow XRP per share. 🚀 SCENARIO 4 — 3× NAV $9 × 3 = ~$27/share ➡️ Strong premium for future XRP accumulation, yield generation and capital-markets execution. That puts the old $39.42 close at ~4.4× NAV and the $53 high near ~5.9× NAV — a VERY different valuation environment driven heavily by scarcity and FOMO. The question now isn't simply: “How much $XRP does Evernorth own?” It's: 👉 How quickly can Evernorth grow XRP per share? 👉 What mNAV premium will the market give them for doing it? That is where the real $XRPN valuation debate begins. 🔥 $XRPN $XRP #Evernorth