Evernorth Hits Nasdaq Under XRPN After SPAC Merger
Ripple-backed digital asset treasury Evernorth begins trading on Nasdaq under ticker XRPN after closing its merger with Armada Acquisition Corp. II.
Evernorth began trading on the Nasdaq under the ticker XRPN on Monday following the completion of its merger with special purpose acquisition company Armada Acquisition Corp. II, according to Cryptonews. The listing provides retail brokerage account holders with exposure to $XRP without requiring a cryptocurrency wallet.
The company enters public markets holding approximately 473 million $XRP and roughly $300 million in gross cash. At the $1.43 reference price used in the closing filing, the treasury is valued at about $677 million. This valuation falls below the initial pitch from October 2025, which touted more than $1 billion in funding after merger documents priced the token at $2.37 at signing.
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Share Redemptions and Float
Approximately 80.3% of Armada's public shareholders redeemed their shares for about $10.58 each, withdrawing roughly $195 million from the deal. The high redemption rate left a small float of about 4.5 million original public shares, causing volatility that sent the stock as high as $53 before closing at $39.42 on October 2, prior to sliding to $17.09 on October 9.
On its first day trading as Evernorth, the stock briefly rose toward $19 before moving to $16.64 by midday Monday. Tokyo-listed financial group SBI Holdings holds 39.9% of the company's voting shares, while Arrington Capital's fund controls 19.9% and a trust tied to Ripple co-founder Chris Larsen holds 9.9%.
Treasury Strategy and Yield Generation
Unlike passive holding funds, Evernorth plans to generate yield through decentralized finance applications and operate validators on the XRP Ledger. Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, was appointed to run the strategy.
Key facts
- Evernorth began trading on Nasdaq under the ticker XRPN on Monday.
- The company holds approximately 473 million $XRP and $300 million in gross cash.
- SBI Holdings controls 39.9% of Evernorth voting shares.
- About 80.3% of Armada public shareholders redeemed shares for roughly $10.58 each.
Source: news.google.com
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