XRP
Ripple-backed Evernorth prepares Nasdaq listing holding 473 million XRP
Evernorth is set to begin trading on Nasdaq under ticker XRPN on October 8 following shareholder approval of its blank-check merger.
Evernorth is scheduled to list on the Nasdaq exchange on October 8, 2026, under the ticker symbol XRPN, following the approved merger with Armada Acquisition Corp. II. Shareholders approved the transaction on September 30 by a vote of 20.5 million to 1.4 million, with the deal expected to close formally on October 7.
The company enters the public market with over $1 billion in total backing, comprising around 473 million XRP valued at roughly $720 million at current prices of $1.52 per token, alongside approximately $300 million in cash. Backers include Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and GSR, with former Ripple executive Asheesh Birla serving as chief executive.
Because the 473 million tokens were contributed by existing investors rather than purchased on the open market, the transaction itself does not generate fresh market demand. Evernorth intends to deploy its tokens through lending and liquidity provision to grow per-share token backing. The report notes that lending exposes the firm to counterparty credit risk and could supply tokens to short sellers.
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