Evernodes, which has drawn attention as a regulated equity investment vehicle directly tied to XRP prices, postponed its Nasdaq listing to Oct. 12 local time, four days later than planned.

According to blockchain media outlet U.Today, Evernodes pushed back the start of trading under the XRPN ticker that had been scheduled for this week and will begin official trading on Nasdaq on Oct. 12.

The schedule change was disclosed through a notice on the project website on the night of Oct. 7. The company cited a “technical administrative delay” as the reason. Management stressed that the issue does not affect the deal’s final closing.

Key steps in the legal process have already been completed. Shareholders of Armada Acquisition Corp II unanimously approved the merger plan on Sept. 30, and the details were reflected in an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC). The remaining process is split into two steps. The SPAC transaction will close on Oct. 9, and Nasdaq trading of XRPN shares is set to start with the market open on Oct. 12.

Market attention is focused on what kind of institutional investment channel the listing opens for XRP. Evernodes is pitching a corporate treasury strategy focused on the Ripple ecosystem as of the listing date. Its strategic reserve assets include about 473 million XRP, and the deal structure also secures about $300 million in cash.

Institutional funding commitments are also sizable. Including total treasury commitments from institutional investors such as Ripple, Pantera Capital and Kraken, the overall transaction size exceeds $1 billion. The stock is designed to give investors regulated access to XRP performance without directly managing digital assets.

Despite the delay, the crypto market response was limited. XRP fell by less than 2 percent at one point in the morning, broadly in line with the range of the broader crypto market’s short-term pullback this week. It was also confirmed that, since Evernodes’ XRP treasury holdings had already been built previously, the schedule adjustment did not technically affect spot liquidity.

Ultimately, what the market needs to assess is demand after trading begins, rather than the delay itself. Evernodes aims to become the “world’s largest listed XRP-focused corporate treasury company” through the listing. Institutional demand and the stock market response are expected to emerge after New York markets open on Oct. 12 and trading in XRPN begins.