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ZEC $1,284 XRP Gaining Nasdaq Exposure as Evernorth Takes 473M XRP Public
Evernorth Holdings has listed on Nasdaq under ticker XRPN, holding 473 million XRP and $300 million in gross cash proceeds from its SPAC merger.
Key takeaways
- 473M XRP Treasury. Evernorth holds approximately 473 million XRP in its public market treasury.
- $300M Gross Proceeds. The company raised roughly $300 million in gross cash from its SPAC merger.
- Oct 12 Trading Start. XRPN shares began trading on Nasdaq on October 12 after an administrative delay.
What happened
Evernorth Holdings Inc. completed its merger with special purpose acquisition company Armada Acquisition Corp. II on October 9, bringing an actively managed XRP treasury to public markets. The company's common stock began trading on Nasdaq on October 12 under the ticker symbol XRPN, following an administrative delay that pushed back the original October 8 target date. At closing, Evernorth held approximately 473 million XRP and raised roughly $300 million in gross cash proceeds before transaction expenses.
Why it matters
The listing gives traditional stock market investors indirect exposure to XRP without requiring direct ownership of the cryptocurrency. Evernorth describes itself as the largest publicly traded business devoted entirely to managing an XRP treasury, and plans to deploy capital across the XRP economy via institutional lending, decentralized finance yield strategies, and investments in XRP Ledger infrastructure like tokenized assets and on-chain credit markets. The company operates under Nasdaq's reporting, governance and disclosure standards, offering a regulated vehicle for XRP exposure.
What the data shows
- Evernorth's investor roster includes Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
- The merger received approximately 94% shareholder support at Armada Acquisition Corp. II's September 30 meeting, with 18.46 million Armada shares redeemed for roughly $195.39 million, representing 80.3% of shares eligible for cash.
- Evernorth's public warrants have an $11.50 exercise price and expire on October 7, 2031.
- The company's debut week includes a Times Square premiere of its Bearchamp community campaign character on October 14 at around 4 p.m. Eastern.
Background
Armada Acquisition Corp. II is a special purpose acquisition company, or SPAC, formed to take a private business public via merger rather than a traditional initial public offering. The XRPN ticker symbol was previously assigned to Armada II before being reassigned to Evernorth following the completion of the business combination.
Questions readers ask
What is Evernorth's XRP treasury size?
Evernorth holds approximately 473 million XRP in its treasury, as disclosed in its Nasdaq listing filings.
When does Evernorth stock trade on Nasdaq?
Evernorth shares began trading on Nasdaq under the ticker XRPN on October 12, 2026, following an administrative delay from the original October 8 target.
Who are Evernorth's major backers?
Evernorth's investors include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
What are Evernorth's plans for its XRP holdings?
The company plans to deploy capital across the XRP economy, including investments in XRP Ledger infrastructure, decentralized finance strategies and institutional lending to grow XRP per share over time.
