Ripple-Backed Evernorth Inches Closer to Nasdaq Debut with XRPN Listing
Ripple-backed Evernorth is taking a step closer to listing on Nasdaq under the ticker XRPN, pending approval from shareholders of Armada Acquisition Corp. II. The proposed business combination would bring Evernorth's significant XRP holdings to the public market, with over 473 million XRP already accumulated by the company.
Evernorth plans to deploy capital throughout the XRP economy and pursue strategies designed to increase XRP per share over time, rather than simply holding it as a passive proxy for XRP. This approach is distinct from Strategy's model, which focused on accumulating Bitcoin through equity and debt markets.
The company has adjusted its deal structure to tie shareholder economics more closely to the value of its XRP treasury ahead of the Nasdaq debut, with a $30 million convertible note recently secured as additional funding mechanism. If approved, the combined company is expected to list on Nasdaq as XRPN after meeting remaining closing conditions.