Evernorth's XRP Holdings Worth $414 Million Less as Nasdaq Listing Approaches

Evernorth, a treasury company listed on a stock exchange, is about to go public and list its 473 million XRP holdings on the Nasdaq. The company has already received shareholder approval for its merger with Armada Acquisition Corp. II, a shell company built to take firms public.

The deal was signed in October 2025 when XRP traded at $2.37 per coin. However, today it trades at around $1.49. At the signing price, the 473 million XRP would be worth about $1.1 billion, but at today's price, it is worth approximately $705 million.

Evernorth plans to use its coins to generate yield and pursue capital markets deals, which will help grow the value of each share. The company's CEO, Asheesh Birla, believes that going public will provide a regulated and transparent way for investors to own XRP exposure and participate in the growth of the blockchain economy.

The merger also brings about $300 million in cash before expenses, some of which will be used to purchase more XRP. The company's stock is expected to begin trading on October 8 under the ticker XRPN.