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Evernorth Rings Nasdaq With 473M XRP, $300M Cash, and a Price Tag That Already Took a 40% Haircut 💸

Evernorth Holdings began trading on Nasdaq on Monday, October 13, under the ticker $XRPN, following the October 9 closing of its business combination with SPAC Armada Acquisition Corp. II. The deal was structured as a SPAC merger rather than a traditional IPO, with Armada Acquisition Corp. II as the merger partner and Arrington XRP Capital Fund as sponsor. Armada shareholders approved the combination on September 30, and Nasdaq reassigned $XRPN to Evernorth's Class A shares and $XRPNW to its warrants. The company plans to ring the Nasdaq closing bell on October 14.

Evernorth entered the public markets holding approximately 473 million XRP and reported roughly $300 million in gross cash proceeds before expenses, making it the largest publicly traded pure-play XRP treasury company. At the $1.43 closing reference price used in deal filings, the 473 million XRP stash is valued at about $677 million, well below the more than $1 billion funding figure cited when Evernorth first announced the transaction in October 2025. Merger documents priced XRP at $2.37 at signing, putting the token down roughly 40% by closing day. Evernorth spent approximately $947 million accumulating XRP in late October 2025; by February that pile was worth about $446 million less than it paid. XRP touched an all-time high of $3.65 in July 2025, leaving the $1.43 reference price about 61% below that peak. On Monday, $XRP traded at $1.39 with $1.48 billion in 24-hour volume and a market capitalization of roughly $87.8 billion, the fifth-largest in crypto.

Backers include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR, with some investors contributing XRP directly. Ownership disclosures show Tokyo-listed SBI Holdings controlling 39.9% of Evernorth's voting shares, Arrington Capital's fund at 19.9%, and Ripple co-founder Chris Larsen tied to 9.9%. About 80.3% of Armada's public shareholders, holding 18.5 million shares, exercised redemption at roughly $10.58 per share, pulling about $195 million out of the trust before closing and leaving approximately 4.5 million original public shares for trading. Days after the redemption window, $XRPN hit an intraday high of $53 on October 2 and closed that day at $39.42 before sliding to $17.09 on October 9. On its Nasdaq debut, the stock climbed toward $19, faded to $16.64 by midday, and closed at $16.91, down 1.05%, with nearly 1.29 million shares traded.

Evernorth named Hugo Jeandesboz, CFA, former Co-Chief Investment Officer at Coinbase Asset Management, as chief investment officer on September 28, with a formal announcement on October 13. Jeandesboz reports to founder and CEO Asheesh Birla, a former senior Ripple executive, and will oversee treasury allocation, liquidity management and active management of Evernorth's XRP holdings. On October 14, Evernorth said it had partnered with Ripple, Kraken, Coinbase and BitGo to deploy its 473 million XRP treasury through institutional strategies beginning in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Birla stated the company would look to monetize its holdings and pursue strategies designed to "grow XRP per share over time." Planned activities include XRP lending, liquidity provision, decentralized finance, tokenization and infrastructure projects tied to the XRP ecosystem.