Evernorth, Ripple-Backed, Eyes Nasdaq Debut With 473 Million XRP Treasury
Ripple-backed Evernorth will soon be heading to public markets under the ticker XRPN with around 473 million XRP in its treasury. The company closed its business combination with Armada Acquisition Corp. II on Oct. 9, ahead of its scheduled trading debut on Nasdaq Oct. 12, 2026.
The listing is a significant step forward for institutional XRP treasury management, as Evernorth looks to integrate its digital asset holdings with investment strategies that are designed to increase its XRP exposure.Evernorth Initiates Nasdaq Listing Process Under XRPN
Evernorth’s Class A common shares will trade on the Nasdaq Global Market under XRPN and its warrants under XRPNW, said Nasdaq’s official trading notice.
The deal comes after Evernorth combined with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) backed by Arrington XRP Capital Fund. The company came to the public markets not through a traditional initial public offering (IPO), but through a merger transaction.
The planned listing date had moved from October 8, according to an October 6 SEC filing. Evernorth said the delay was administrative and the changes are not expected to affect the outcome of the merger. The business combination subsequently closed on October 9.# Evernorth Holds 473 Million XRP, Gross Cash Proceeds of $300 Million
Evernorth said it held about 473 million XRP in its treasury and had about $300 million in gross cash proceeds. The cash figure is before transaction costs and should be distinguished from the company’s cryptocurrency holdings.
The company has received backing from some of the biggest names in the digital asset space, such as Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
The board had approved the Armada deal on Sept. 30. Earlier coverage of shareholder voting showed about 94% of votes cast were in favor of the merger.
But the deal also entailed large redemptions of shareholders. On Oct. 9, investors cashed in around 18.46 million Armada shares for about $195.39 million, or 80.3% of the shares eligible for cash redemption, according to a filing with the SEC.Evernorth Looks to Grow XRP Treasury by Attracting Institutional Investment
The business is an actively managed XRP treasury, according to Evernorth’s CEO and founder Asheesh Birla. The company’s strategy is to grow XRP holdings per share and support the broader XRP ecosystem.
It plans to invest in institutional lending, decentralized finance (DeFi) yield strategies, tokenized assets, on-chain credit markets and settlement infrastructure. These initiatives could offer several avenues for returns, but the performance and risks of these initiatives are unknown.
Evernorth is aiming to become one of the largest publicly traded companies in the XRP treasury management space.# What XRPN and XRPNW Warrants Tell Investors
Investors should note that XRPN shares represent ownership in Evernorth and not direct ownership in XRP tokens. As such the stock’s performance may not correlate to XRP’s market price due to operating expenses, treasury management decisions and other general equity market conditions.
According to the SEC filing and Nasdaq’s notice, the company’s public warrants have an exercise price of $11.50 and expire on Oct. 7, 2031.
Evernorth also plans to ring the Nasdaq closing bell on Oct. 14 and will host executives, investors and members of the XRP community.
The debut puts Evernorth in the company of outfits trying to bring cryptocurrency treasury strategies to conventional financial markets. The long-term success of the company will depend on the price of XRP, good treasury management and its ability to continue to create value for shareholders.
