473 Million XRP Hit Nasdaq, but the Bag Is Now $677M Lighter 📉

Evernorth Holdings began trading on Nasdaq under the ticker $XRPN on Monday, October 12, following the completion of its business combination with SPAC Armada Acquisition Corp. II on October 9. The deal is structured as a special purpose acquisition company merger rather than a traditional initial public offering. Evernorth is sponsored by Arrington XRP Capital Fund and counts Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR among its investors. The company enters public markets holding approximately 473 million XRP, alongside roughly $300 million in gross cash proceeds before expenses, and is positioning itself as the largest publicly traded pure-play XRP treasury company. Nasdaq reassigned XRPN to Evernorth's Class A shares and XRPNW to its warrants, while suspending trading in Armada's former shares and warrants. Evernorth has also confirmed plans to ring the Nasdaq closing bell on October 14.

The XRP treasury is valued at about $677 million at the $1.43 reference price cited in the deal's closing filing. That figure sits well below the more than $1 billion funding headline attached to Evernorth when the transaction was first announced in October 2025, with the merger documents pricing the token at $2.37 at signing. XRP hit an all-time high of $3.65 in July 2025; the $1.43 closing reference price sits about 61% below that peak. Evernorth spent roughly $947 million acquiring XRP in late October 2025, and by February that position was worth about $446 million less than its cost basis. SBI Holdings now controls 39.9% of Evernorth's voting shares, the Arrington Capital fund holds 19.9%, and Ripple co-founder Chris Larsen is tied to 9.9%, according to filings. About 80.3% of Armada's public shareholders, holding 18.5 million shares, opted for redemption at approximately $10.58 per share, pulling roughly $195 million out of the deal before it closed and leaving only about 4.5 million original public shares in the float.

XRPN opened at Nasdaq with a jump of as much as 5%, touched $19.38 intraday, and then faded to $16.39 before closing at $16.91, down 1.05%, on volume of nearly 1.29 million shares, according to Yahoo Finance data. Days earlier, the stock had touched an intraday high of $53 on October 2 and closed at $39.42 that Friday before sliding to $17.09 on October 9, the day the merger closed.

Evernorth named Hugo Jeandesboz as Chief Investment Officer on the day of the listing. Jeandesboz joins from Coinbase Asset Management, where he served as Co-Chief Investment Officer and led the firm's Solutions investment strategies for institutional clients. He will report to Evernorth founder and CEO Asheesh Birla, a former senior Ripple executive, and will oversee treasury strategy, including allocation, liquidity management and the active management of Evernorth's XRP holdings, as well as serving as the primary contact for trading counterparties and custodians.

Evernorth plans to deploy capital into XRP lending, liquidity provision, decentralized finance yield strategies, tokenization and blockchain infrastructure projects. Birla has said Evernorth aims to "grow XRP per share over time," with strategies including earning yield and investing in infrastructure supporting the XRP ecosystem. SEC filings show that much of the treasury came from investors contributing existing XRP in exchange for equity, so buying XRPN shares on Nasdaq does not directly trigger purchases of the underlying token. $XRP was recently trading around $1.37 to $1.39, with roughly $1.48 billion in 24-hour volume, according to CoinGecko data, and a market cap of about $87.8 billion.