Ripple-backed Evernorth has officially launched on the Nasdaq, marking a new entry point for traditional investors to gain exposure to XRP. Trading under the ticker XRPN, the digital asset treasury firm completed its business merger with Armada Acquisition Corp. II on Friday. Evernorth entered the public market with a substantial holding of approximately 473 million XRP and $300 million in gross cash proceeds.
The company’s XRP holdings are currently valued at around $639 million, significantly below the initial $1 billion funding announced for its XRP treasury strategy. Evernorth acquired XRP at $2.37 during the deal, which has since seen a roughly 40% decline in value.
Evernorth’s Nasdaq debut followed notable redemptions by investors in Armada Acquisition Corp. II, with 80.3% of the SPAC’s public shareholders opting for cash redemptions. This move withdrew approximately $195 million from the transaction.
Evernorth plans to actively manage its XRP holdings through strategies like lending, liquidity provision, and participation in the XRP Ledger ecosystem. The company aims to generate yield and increase its XRP holdings per share over time. Hugo Jeandesboz, former co-chief investment officer of Coinbase Asset Management, has been appointed to oversee these efforts.
XRPN shares briefly rose to nearly $19 before settling at $17.49, reflecting a 3% gain in after-hours trading.