Evernorth, Holding 473M XRP, Starts Trading on Nasdaq as XRPN Oct. 12
Evernorth closed its merger with Armada Acquisition Corp. II, holding about 473M XRP (≈$667M) and $300M in cash. XRPN shares begin trading on Nasdaq on Oct. 12.
Evernorth Holdings, an XRP treasury company, has closed its merger with the SPAC Armada Acquisition Corp. II and is going public: its shares begin trading on Nasdaq under the ticker XRPN on Monday, Oct. 12, 2026, when the market opens at 9:30 AM ET. According to the company's press release dated Oct. 9, Evernorth held approximately 473 million XRP and about $300 million in gross cash proceeds, before transaction expenses, at closing. With XRP trading near $1.41 as of 10:25 PM ET on Oct. 11, that stack is worth roughly $667 million; see the live price on our XRP page.
Details
The deal was announced on Oct. 20, 2025, when Evernorth said it expected to raise over $1 billion in gross proceeds, including $200 million from Japan's SBI Group, and to close in the first quarter of 2026. The timeline slipped more than once. The Form S-4 registration statement became effective on Aug. 27, Armada II shareholders approved the combination at a meeting on Sept. 30, and the company then targeted an Oct. 7 closing with trading to start Oct. 8. The merger ultimately closed on Oct. 9. Evernorth plans to ring the Nasdaq closing bell on Oct. 14.
Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Armada II was sponsored by Arrington XRP Capital Fund, and Citigroup acted as sole private placement agent for Evernorth. Founder and CEO Asheesh Birla said in the release: "Completing this transaction today marks a significant milestone of bringing this company to market." The company says it will deploy capital across the XRP economy and aims to grow XRP per share over time through institutional and DeFi yield strategies, ecosystem participation and capital markets activity, Bitcoin.com News reported, citing the release.
The precise token count and the final balance sheet will only be confirmed in the combined company's first financial statements. For now, the release's figure of approximately 473 million XRP is the benchmark; on Nov. 4, 2025, Evernorth said it had purchased and committed more than 473.28 million XRP.
What it means for the market
Evernorth brings the treasury-company model that Strategy pioneered for bitcoin, now at 848,000 BTC, to XRP. XRPN gives funds and brokerage accounts a listed vehicle with XRP exposure, while the company itself becomes a large holder that has pledged to keep accumulating. Two questions matter for the market: at what premium or discount to its net asset value the stock will trade, and how the company will use its $300 million in cash, whether for open-market XRP purchases or for yield strategies.
The debut lands in a tense week for the ecosystem. On Oct. 9, XRP Ledger developers disclosed a critical bug that could have minted XRP beyond the supply cap, and the debate over how the fix was rolled out is still running. For the broader market picture, see our daily summary.
