Evernorth Holdings began trading on the Nasdaq under the ticker XRPN on October 12, 2026, following a merger with the SPAC Armada Acquisition Corp. II. The company, which focuses on holding XRP, saw its shares rise 5% during the debut session, with an intraday high of 13.43% before closing 1.5% higher.
The merger was finalized on October 9, 2026, after a brief delay from the original October 8 target. Evernorth holds approximately 473 million XRP, valued at roughly $657 million based on a token price of $1.39. Additionally, the firm reported gross cash proceeds of $300 million before expenses.
The company aims to increase the amount of XRP backing each share through DeFi yield strategies, liquidity management, and capital markets activity. Hugo Jeandesboz, formerly of Coinbase Asset Management, has been appointed as the chief investment officer to oversee these efforts.
Backers of the firm include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR. The company is scheduled to ring the Nasdaq closing bell on October 14, 2026.
