Hold the door, XRP: Evernorth rings Nasdaq with 473M tokens in its XRPN 🗞️

Evernorth has completed its business combination with Armada Acquisition Corp. II, positioning the company to list on Nasdaq on October 12 under the ticker $XRPN. The transaction, structured as a SPAC merger rather than an initial public offering, brings roughly 473 million XRP, valued at approximately $230 million, onto the public markets alongside $300 million in gross cash proceeds before expenses. Shareholders of Armada Acquisition Corp. II approved the deal on September 30, and Evernorth said it expects to ring the Nasdaq closing bell on October 14, with leadership, investors and members of the XRP ecosystem scheduled to attend.

Backers of Evernorth include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR, with Arrington XRP Capital Fund sponsoring the SPAC. Some investors contributed XRP directly rather than cash. The company describes itself as the largest publicly traded pure-play XRP treasury, and founder and CEO Asheesh Birla has said Evernorth aims to "grow XRP per share over time" by deploying capital across XRP lending, liquidity provision, decentralized finance, tokenization and blockchain infrastructure projects within the XRP ecosystem.

The original October 8 listing was delayed by an administrative issue, with trading now expected to begin on October 12. Evernorth's common stock represents equity in the holding entity rather than direct ownership of XRP, meaning its share price will reflect the value of its treasury holdings, business expenses and investor confidence in management, and may move independently from the token itself. Much of the company's XRP was contributed before trading began, so the debut itself does not require major new token purchases on the open market.