Evernorth, a Ripple-backed company created to accumulate XRP, began trading on Nasdaq on Monday under the ticker XRPN. The listing follows the completion of its merger with special purpose acquisition company Armada Acquisition Corp. II on October 9.
The company entered public markets holding approximately 473 million XRP and about $300 million in gross cash. At the $1.43 XRP reference price used at deal closing, the cryptocurrency holdings were valued at roughly $677 million—a significant decline from the more than $1 billion in funding Evernorth announced when it first unveiled the merger in October 2025.
XRP declined from $2.37 when the deal was signed to the $1.43 reference price at closing. Evernorth spent approximately $947 million purchasing XRP in late October 2025, and by February that position had depreciated roughly $446 million from its acquisition cost.
About 80.3% of Armada's public shareholders chose to redeem their shares, withdrawing approximately $195 million from the deal. This left a minimal float of about 4.5 million original public shares, which contributed to significant stock price volatility. The shares initially touched an intraday high of $53 in early October before closing Monday at $16.64.
Evernorth belongs to a category known as digital asset treasuries—public companies whose primary business is holding cryptocurrency and raising capital to purchase more. The company is positioning itself as the largest publicly traded company devoted to XRP.
According to merger filings, SBI Holdings controls 39.9% of Evernorth's voting shares, Arrington Capital's fund holds 19.9%, and Chris Larsen, a Ripple co-founder, is tied to 9.9%. Ripple and its affiliates are capped at 9.9% of voting power, with Ripple, a Larsen-linked trust, and Arrington's fund subject to six-month lock-ups barring sales until April 2027.
The company plans to pursue yield-generating strategies through decentralized finance applications and operate validators on the XRP Ledger. Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, was named Monday to lead this strategy.
