Evernose Holdings, a treasury company that holds a large amount of XRP, has entered the final approval process for a Nasdaq listing. If the merger is completed, a large XRP treasury company will be listed on U.S. stock markets.

On Sept. 30 local time, blockchain media outlet U.Today reported that the merger between Evernose Holdings and the special purpose acquisition company Armada Acquisition Corp II has moved into the final shareholder voting process. The merged entity is expected to begin trading on Nasdaq under the ticker symbol XRPN.

When the transaction is completed, the entity will hold about 473 million XRP provided directly by Ripple. It has also secured investment commitments of more than $1 billion from institutional investors including SBI Holdings and Arrington Capital. According to the S-4 registration statement, the deal’s closing timing was presented as the fourth quarter of 2026.

The deal is drawing attention because it is structured to provide direct exposure to XRP in traditional capital markets, beyond a simple initial public offering. Shareholders are deciding whether to grant final approval to the merger proposal through a special shareholders meeting. The proxy voting portal has already closed.

Ripple’s tokenisation business is also expanding at the same time. Ripple plans to work with Brazilian financial market infrastructure company CSD BR to tokenise an equity stake in a BTG Pactual investment fund and mirror it on the XRP Ledger (XRPL).

Assets under custody managed by CSD BR amount to about $4 trillion. The official registration of rights for tokenised assets will remain with CSD BR, while the XRP Ledger will be used as an additional layer supporting transactions and audit trails for assets. The operating environment will also be limited to a closed permissioned network equipped with know-your-customer (KYC), anti-money laundering (AML) and asset-freezing functions.

In the United States, the institutional environment surrounding tokenised assets is also changing. After the Clarity Act failed in the Senate, the U.S. Securities and Exchange Commission (SEC) approved a five-year "innovation exemption" related to trading tokenised stocks. It allowed trading using automated market makers (AMMs) and liquidity pools, while setting restrictions including a ban on synthetic products and a 2.5 percent cap on market share. Related swaps were excluded from the exemption.

The tokenisation market is still at an early stage, but its scale is expanding. The liquidity-based real-world asset (RWA) market is estimated at about $33.5 billion to $60 billion. On-chain net asset value was tallied at $38.54 billion, with U.S. Treasuries accounting for the largest share at $16.16 billion. Private credit stood at $5 billion, and commodities at $4.59 billion.

Tokenised stocks and exchange-traded funds (ETFs) totalled $1.86 billion, relatively small but cited as a fast-growing area. As traditional financial products move to blockchain-based infrastructure, whether institutions use public blockchains including the XRP Ledger is also emerging as a key area of interest.

The cryptocurrency market maintained a range-bound trend at the end of the third quarter. Bitcoin moved between $83,300 and $83,700, and Ethereum traded between $2,660 and $2,690. Spot bitcoin ETFs saw net inflows of $2.39 billion last week, but daily inflows slowed to about $66.19 million toward month-end.

Over the same period, forced liquidations over 24 hours totalled $197.8 million. Of that, Ethereum liquidations were $46.55 million and bitcoin was $33.75 million. Losses on long positions were larger than on short positions.

XRP traded around $1.49. XRP-based products recorded net inflows of $1.55 million over one day, the only net inflows as funds left bitcoin- and ethereum-related products. The market is also watching that a large amount of short-position liquidations is stacked in the $1.50 to $1.553 range.

On Oct. 1, 1 billion XRP will be released from XRP escrow as scheduled. This is part of a regular escrow mechanism that has continued since 2017, and most of the released amount is re-locked. About 31.98 billion XRP is currently held in the vault, and the amount that typically flows into the market is about 200 million to 300 million XRP.

This has led to analysis that the possibility of a short-term supply shock is limited. Still, as Nasdaq listing procedures for XRPN progress while institutional access to XRP expands and tokenisation projects grow at the same time, corporate listings and institutional fund flows are expected to emerge as key variables for the XRP market in the fourth quarter.