XRP Goes Public: Evernorth Rings Nasdaq With 473M Tokens and a Ticker, Not a Token 🚀

Evernorth Holdings, the Ripple-backed digital asset treasury built around XRP, began trading on Nasdaq on Monday under the ticker $XRPN, following the October 9 closing of its business combination with blank-check company Armada Acquisition Corp. II. The merger was structured as a special purpose acquisition company transaction rather than an initial public offering, with Armada Acquisition Corp. II serving as the merger partner and Arrington XRP Capital Fund as sponsor. Nasdaq reassigned $XRPN to Evernorth's Class A shares and $XRPNW to its warrants, replacing Armada's prior listings on the exchange.

Evernorth enters public markets holding approximately 473 million XRP alongside about $300 million in gross cash proceeds before expenses. At the $1.43 XRP reference price used in the deal's closing filing, the token holdings are worth roughly $677 million, down from the $2.37 price implied when the merger documents were signed. The company said it expects to ring Nasdaq's closing bell on October 14 and attended the event with leadership, investors and members of the XRP ecosystem. Evernorth's listed investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, with some backers contributing XRP directly.

On its first Nasdaq trading day, $XRPN briefly jumped as much as 5%, then pulled back. Shares touched an intraday high of $53 on October 2, closed that session at $39.42, slid to $17.09 on October 9 when the merger closed, and on Monday opened near $19 before fading to $16.64 by midday, according to Yahoo Finance data. About 80.3% of Armada's public shareholders, holding 18.5 million shares, elected redemption at about $10.58 per share, pulling roughly $195 million out of the deal before it closed and leaving a small public float of approximately 4.5 million original shares. Tokyo-listed SBI Holdings now controls 39.9% of Evernorth's voting shares, Arrington Capital's fund holds 19.9% and Ripple co-founder Chris Larsen is tied to 9.9%, according to the company's filings.

Evernorth appointed Jeandesboz as its new Chief Investment Officer on Monday, hiring him from Coinbase Asset Management, where he served as Co-Chief Investment Officer leading Solutions investment strategies for institutional clients. He will report to founder and CEO Asheesh Birla, a former senior Ripple executive, and oversee treasury strategy, including allocation, liquidity management and the active management of Evernorth's XRP holdings, serving as the primary contact for trading counterparties and custodians. Evernorth said it deploys XRP into decentralized finance yield strategies, lending, liquidity provision, tokenization and blockchain infrastructure projects. Birla stated that Evernorth's goal is to "grow XRP per share over time," a metric at the center of the digital asset treasury model pioneered by Strategy (formerly MicroStrategy) for Bitcoin.

The $XRPN listing itself does not require major new token purchases, as much of the 473 million XRP was contributed before trading began. The token was recently trading at $1.39 with $1.48 billion in 24-hour volume, giving XRP a market capitalization of roughly $87.8 billion and ranking it the fifth-largest cryptocurrency by that measure, according to CoinGecko data. XRP fell from about $1.50 on October 5 to around $1.40 by October 11 and hit an all-time high of $3.65 in July 2025, meaning the $1.43 reference price sits about 61% below that peak.