XRP
Evernorth Prepares for Nasdaq Listing With 473 Million XRP Treasury Holding
Evernorth is set to debut on Nasdaq under ticker XRPN following shareholder approval of its SPAC merger, holding 473 million XRP on its balance sheet.
Shareholders of Armada Acquisition Corp. II approved a business combination on September 30 to take treasury firm Evernorth public on the Nasdaq exchange under the ticker symbol XRPN. The transaction is scheduled to close on October 7, with trading expected to begin on October 8 subject to final Nasdaq authorization.
Evernorth holds 473 million XRP, representing roughly 0.75% of the cryptocurrency's 63.1 billion circulating supply. The valuation of the treasury has declined to approximately $705 million based on an XRP price of $1.49, down 37% from the estimated $1.1 billion valuation at the time the merger agreement was signed in October 2025, when tokens were valued near $2.37. Approximately 388 million tokens were transferred by Ripple and an affiliated entity in exchange for equity.
According to company filings, the business combination will also provide roughly $300 million in gross cash proceeds, a portion of which is earmarked to acquire additional XRP. Chief Executive Officer Asheesh Birla stated that the firm aims to provide regulated public market exposure to XRP while pursuing capital market strategies to grow its token holdings per share.
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