Evernorth Holdings, a company backed by Ripple, debuted on the Nasdaq exchange under the ticker XRPN. During the first trading session, the stock reached a high of $19.38 before declining to $16.39. The shares closed at $16.91, marking a 1.05% decrease, with a total trading volume of nearly 1.29 million shares.
The public listing followed a merger with Armada Acquisition Corp. II, which was finalized on October 9. SEC filings indicate that 80.3% of the SPAC’s redeemable shareholders opted to cash out prior to the merger. The company reported gross cash proceeds of approximately $300 million before expenses.
Evernorth entered the market holding roughly 473 million XRP tokens, valued at approximately $648 million based on the token price of $1.37 on Monday. The company's treasury was primarily formed by investors contributing existing XRP in exchange for equity, rather than through new market purchases.
CEO Asheesh Birla stated that the company intends to implement strategies aimed at increasing the amount of XRP per share. While future token acquisitions could support demand, the company's ability to raise capital for expansion remains dependent on the performance of its stock on the Nasdaq.
