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ZEC $1,138 XRP treasury firm Evernorth debuts on NASDAQ after $300M raise
The crypto-focused investment company rang the closing bell after completing a SPAC merger that valued its holdings below current market levels.
Key takeaways
- Weak investor demand. 80.3 percent of SPAC investors chose cash redemptions over XRPN shares, leaving only 4.5 million shares in free float.
- Large position unlocked later. Major investors including Ripple face a six-month lock-up period expiring in April 2027.
- Valuation hit by timing. XRP's drop from the $2.37 merger pricing to current levels created a $450 million paper loss on the treasury.
What happened
Evernorth Holdings rang the NASDAQ closing bell on October 14 after completing a business combination with Armada Acquisition Corp. II on October 9. The treasury company began trading under ticker XRPN, giving public investors exposure to an actively managed XRP holding strategy.
At closing, Evernorth held approximately 473 million XRP and had secured about $300 million in gross cash proceeds before transaction expenses. Founder and CEO Asheesh Birla led the ceremony at Times Square, while Hugo Jeandesboz, a former Coinbase Asset Management co-chief investment officer, took on the role of Chief Investment Officer to oversee the treasury strategy.
On October 14, Evernorth announced Ripple, Kraken, Coinbase, and BitGo as institutional execution partners. The company plans to accumulate XRP and deploy treasury assets into institutional strategies starting in the fourth quarter, with initial phases focusing on established counterparties under investment team oversight.
First $1.52Latest $1.33-12.5% over the period
Points are daily observations, not closing prices.
Why it matters
The listing creates the first publicly traded structure for gaining XRP exposure through a conventional stock listing rather than spot trading or ETF products. However, investor skepticism is evident in the capital structure: 80.3 percent of original SPAC participants chose cash redemptions at $10.58 per share instead of exchanging shares for a stake in the crypto business.
The decision by most SPAC investors to exit created extremely low liquidity in XRPN, with only 4.5 million shares in free float.
XRP's price decline since deal terms were set in late 2025 at $2.37 has created a $450 million paper markdown on the treasury's combined 473 million XRP and $300 million in fiat holdings. The token later corrected after initial speculative trading, following the classic buy-the-rumor, sell-the-news pattern.
What is still unclear
- The precise timing of when Evernorth will activate decentralized finance strategies on the XRP Ledger remains dependent on the network's financial infrastructure maturing.
Questions readers ask
What is Evernorth and why did it go public?
Evernorth Holdings is a treasury company that holds XRP and manages it through active investment strategies. It went public through a SPAC merger to give retail investors access to professionally managed XRP exposure via a public stock listing on NASDAQ under ticker XRPN.
How much XRP does Evernorth hold?
Evernorth holds approximately 473 million XRP, acquired through contributions from institutional and digital asset investors including Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.
Why is XRPN showing such low liquidity?
80.3 percent of SPAC shareholders chose cash redemptions instead of converting to XRPN shares, leaving only 4.5 million shares in free float on NASDAQ.
What is the $450 million markdown mentioned?
When deal terms were set in late 2025, XRP traded at $2.37. The token's subsequent decline to $1.34, $1.40 created a $450 million paper loss on Evernorth's combined 473 million XRP and $300 million cash holdings.
