Timeline
- 7.0
Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid
Evernorth, the Ripple-backed XRP treasury company, began trading on Nasdaq under the ticker XRPN on Monday after closing its merger with SPAC Armada Acquisition Corp. II on October 9, holding roughly 473 million XRP and about $300 million in gross cash. At the $1.43 XRP reference price used in the closing filing, that treasury is worth about $677 million — well below the more than $1 billion the company said it had raised to buy XRP, when the deal was signed at a $2.37 token price. The listing gives ordinary brokerage-account investors direct equity exposure to an XRP treasury without opening a crypto wallet, and it arrives sharply marked down: about 80.3% of Armada's public shareholders redeemed for roughly $10.58 per share, pulling about $195 million out of the deal and leaving a thin float that sent XRPN as high as $53 before the close. The redemptions covered 18.5 million shares and left only about 4.5 million original public shares outstanding; XRPN touched an intraday high of $53 on October 2 and closed that Friday at $39.42 before sliding to $17.09 on October 9, and on its first day as Evernorth the stock briefly rose toward $19 before fading to $16.64 by midday Monday. SBI Holdings controls 39.9% of Evernorth's voting shares, Arrington Capital's fund holds 19.9% and Ripple co-founder Chris Larsen is tied to 9.9%, with Ripple and its affiliates capped at 9.9% voting power and six-month lock-ups barring Ripple, a Larsen-linked trust and Arrington's fund from selling until April 2027, according to the filing.
- 7.5
XRP treasury firm Evernorth completes SPAC merger, to list on Nasdaq on October 12, holding 473 million XRP
Evernorth Holdings announced on October 10 that it has completed its business combination with special purpose acquisition company Armada Acquisition Corp. II, and its common stock is expected to begin trading on Nasdaq under the ticker XRPN on October 12. At closing, Evernorth holds roughly 473 million XRP and has raised about $300 million in gross cash proceeds, before transaction fees. The deal creates a Nasdaq-listed, actively managed XRP treasury vehicle backed by Ripple, SBI Group, Pantera Capital, Kraken and GSR, giving public-market investors a listed equity route to XRP exposure that differs from an ETF structure. Evernorth is backed by Arrington XRP Capital and other investors, with SBI Group, Ripple, Pantera Capital, Kraken and GSR also among its investors. The company positions itself as an actively managed XRP treasury and plans to deploy capital into the XRP ecosystem — institutional-grade onchain finance, tokenized assets, onchain credit and settlement infrastructure — aiming to raise XRP held per share over the long term through institutional and DeFi yield strategies, ecosystem building and capital markets activity.