XRP
Evernorth Shareholders Approve Merger to List XRP Treasury on Nasdaq
Armada Acquisition Corp. II investors voted to list an entity holding approximately 473 million XRP under the ticker XRPN.
Shareholders of Armada Acquisition Corp. II have approved a business combination with Evernorth, paving the way for the company’s XRP treasury to trade publicly on Nasdaq under the ticker XRPN beginning October 8. The transaction will supply Evernorth with roughly $300 million in gross cash via private placements, alongside $30 million in convertible notes carrying a 4% interest rate due in 2031.
Evernorth holds roughly 473 million XRP, representing about 0.5% of the total circulating supply, which carries a valuation of approximately $705 million based on an XRP price of $1.49 as of October 1. The venture has backing from entities such as Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital, with CEO Asheesh Birla describing the listing as a regulated avenue for XRP exposure.
Part of the holdings includes 84.4 million XRP acquired on November 4, 2025, at an average price of $2.54 per token, representing an unrealized loss of roughly $88 million at current market levels. While XRP has advanced 37% over the past 90 days, it remains down roughly 19% in 2026 and 59% below its July 2025 peak of $3.65. Evernorth has made no commitments regarding further token purchases or lockup terms following the market debut.
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