Evernorth, a Ripple-backed company focused on holding XRP, began trading on the Nasdaq under the ticker XRPN on Monday. The company completed its merger with the special purpose acquisition company (SPAC) Armada Acquisition Corp. II on October 9, entering the market with approximately 473 million XRP and $300 million in gross cash.
The deal's closing valued Evernorth's XRP holdings at about $677 million, significantly below the $1 billion initially raised. XRP's price dropped from $2.37 at the deal's signing to a $1.43 reference price at closing, resulting in a 40% decline. Evernorth had spent roughly $947 million buying XRP in late October 2025, but by February, the value of its holdings had decreased by about $446 million.
About 80.3% of Armada's public shareholders redeemed their shares, pulling roughly $195 million out of the deal. This left a thin float, causing the stock to fluctuate wildly, reaching an intraday high of $53 before closing at $39.42 on October 2. On its first day of trading, XRPN briefly jumped toward $19 before settling at $16.64 by midday.
Evernorth plans to actively manage its XRP holdings through decentralized finance (DeFi) apps and by running validators on the XRP Ledger. The company named Hugo Jeandesboz, former co-chief investment officer at Coinbase Asset Management, to lead this strategy. Evernorth also announced it will ring Nasdaq's ceremonial closing bell on Wednesday, October 14.