Evernorth Ties Shares to XRP Price Amid Market Volatility

Evernorth Holdings has revised its terms for listing on Nasdaq, tying the number of shares issued at closing to the market value of XRP. This change is a result of XRP's price dropping below $2.36, the original fixed reference price. According to the source, over 95% of investors, including major backers like Ripple and Pantera Capital, agreed on this revised term.

The number of shares issued will now be adjusted based on XRP's current market value, which could reduce the total shares issued if XRP's price is favorable. This change aims to better reflect the value of Evernorth's XRP holdings in its capital structure.

The merger with Armada Acquisition Corp. II is still expected to close in late Q3 or early Q4 2026, pending SEC approval and standard conditions. Evernorth will maintain its XRP treasury strategy unchanged.