Evernorth Set to Launch on Nasdaq with 473M XRP Holding

Evernorth is poised to complete its merger with Armada Acquisition Corp. II on October 7, setting the stage for its Nasdaq debut the following day under the ticker XRPN. The company will become the largest publicly traded holder of XRP, with a treasury of approximately 473 million tokens. In addition to its XRP holdings, Evernorth expects to have around $300 million in gross cash after the merger closes.

The merger received overwhelming approval from Armada II shareholders on September 30, with about 20.5 million shares supporting the deal and only 1.4 million opposed. The transaction includes contributions from notable investors such as Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital. Evernorth's Class A shares will begin trading on October 8, and the company has adjusted its warrant agreement to make them exercisable at $11.50 per share upon the merger's completion.

Evernorth's XRP holdings were partly acquired in late 2025 at an average price of $2.54 per token, significantly higher than the current price near $1.50. Analyst Sam Daodu estimates a paper loss of about $88 million, or 41%, on that purchase. The company's founder and CEO, Asheesh Birla, a former senior Ripple executive, views the public listing as a way for investors to gain regulated exposure to XRP. However, Evernorth has not committed to buying more XRP post-listing.

The company's stock will compete with spot XRP exchange-traded funds, offering an alternative to passive funds. Evernorth was launched in October 2025 with the merger already in progress, backed by a $200 million investment from SBI. The agreement was based on an XRP price of $2.36, but the token has since fallen to near $1.50, down 59% from its July 2025 peak of $3.65.