Evernorth began trading on the Nasdaq on October 12 under the ticker XRPN following the close of its merger with Armada Acquisition Corp. II on October 9. The company holds approximately 473 million XRP and reported roughly $300 million in gross cash proceeds before transaction expenses.
The listing provides investors exposure to XRP through shares available in standard brokerage accounts. Evernorth's investors include Ripple, SBI Group, Pantera Capital, Kraken, and GSR, which participated in the company's financing.
Chief executive Asheesh Birla stated that Evernorth plans to fund infrastructure and applications supporting broader XRP use, while also aiming to increase XRP holdings per share through its treasury strategies. The company expects to ring Nasdaq's closing bell on October 14.
Market Activity and XRP Price Movement
XRP traded at $1.4160 on October 11, with resistance noted at $1.45 and $1.50 levels. Support remained at $1.40 following recovery from earlier weekly declines.
The five XRP spot exchange-traded funds reported zero net flows on October 9, with combined assets of $1.57 billion, representing 1.80% of XRP's market capitalization. Trading volume in these funds totaled $26.33 million, while cumulative net inflows since launch reached $1.80 billion. Bitwise led with $581.33 million in assets, followed by Franklin with $413.96 million and Canary with $339.78 million.
XRP derivatives activity increased, with options volume rising 302.85% to $6.90 million and open interest in options reaching 66.04 million contracts. The broader XRP derivatives market recorded $1.51 billion in volume with $3.08 billion in open interest.
