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Evernorth, the Ripple-backed company built to stockpile XRP, started trading on the Nasdaq on Monday under the ticker XRPN
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The listing caps a merger with Armada Acquisition Corp. II that closed on Friday.
Key facts
- Evernorth spent roughly $947 million buying XRP in late October 2025, and by February that pile was worth about $446 million less than it paid
- The $677 million figure falls well short of the pitch Evernorth made when it first announced the deal in October 2025, when it touted more than $1 billion in funding to buy XRP
- Days after the redemption window shut, XRPN touched an intraday high of $53 on October 2 and closed that Friday at $39.42, before sliding to $17.09 on October 9, the day the merger closed
- Tokyo-listed financial group SBI Holdings now controls 39.9% of Evernorth's voting shares, while the fund of Arrington Capital, which sponsored the SPAC, holds 19.9%, and Ripple co-founder Chris
Summary
Evernorth began trading on Nasdaq under the ticker XRPN on Monday after closing its merger with SPAC Armada Acquisition Corp. II on October 9, holding about 473 million XRP and $300 million in gross cash. About 80.3% of Armada's public shareholders redeemed their shares for roughly $10.58 each, pulling about $195 million out of the deal and leaving a thin float that sent the stock as high as $53 before the close. Evernorth, the Ripple-backed company built to stockpile XRP, started trading on the Nasdaq on Monday under the ticker XRPN, giving anyone with a regular brokerage account a way to bet on the cryptocurrency without ever opening a crypto wallet. II that closed on Friday. Evernorth enters public markets holding roughly 473 million XRP and about $300 million in gross cash.