Somehow, Ripple managed to lose investors’ money on the first day of its new digital asset treasury (DAT), Armada Acquisition Corp. II (AACI).
It quickly leveled off and closed the day in the negative, unable to end XRP stock’s multi-month losing streak.
At 8 a.m. New York time yesterday, Ripple was mentioned in a glowing press release featuring profiles of crypto giants Kraken, SBI, Pantera, GSR, and Arlington Capital.
Both companies boasted a “regulated, fluid, and transparent structure” that would likely “serve as a long-term catalyst for the adoption and institutionalization of the XRP Ledger.”
Since it was less than 7 minutes long and the volume was very low, Yahoo! Finance rounded it up to 0, and AACI stock rose 2.5% from the previous day’s closing price.
All other trades for the day were lower.
Evernorth headed south.
Despite changing its name to Evernorth and changing its symbol to XRPN, its stock price never rose.
Shares fell in pre-market trading just below Friday’s closing price and were several percentage points lower at the 9:30 a.m. opening of regular trading on Monday, but the stock never recovered.
In disappointingly flat trading, the stock ended Monday trading near its low of the day, 2.3% below Friday’s closing price.
Read more: Ripple thinks its SPAC can break XRP stock’s losing streak
As Protoss reported on Friday, Ripple was hoping its new DAT would break XRP stock’s losing streak. Unfortunately, that wasn’t the case.
In fact, nearly every other XRP DAT has declined in value since the announcement of the XRP acquisition. For example, VivoPower International has halved, Webus International is down more than 60%, and Wellgistics is down 70%.
Add AACI to that list. The first day on the public market for the largest XRP DAT in history was red.