Evernorth is set to debut on the Nasdaq exchange on October 8 under the ticker XRPN. The company holds 473 million XRP tokens, which represents approximately 0.75% of the 63.1 billion circulating supply. Shareholders finalized the merger with the shell company Armada Acquisition Corp. II on September 30, following a deal originally signed in October 2025.
At the time of the initial agreement, the 473 million XRP were valued at approximately $1.1 billion, based on a price of $2.37 per token. Current market data shows XRP trading at $1.49, reducing the value of the holdings to roughly $705 million. Ripple, the sponsor of the deal, contributed 388 million XRP in exchange for company shares.
The merger is expected to provide approximately $300 million in cash before expenses. Evernorth plans to utilize these funds to acquire additional XRP and engage in yield-generating capital market activities. CEO Asheesh Birla stated that the public listing aims to provide investors with a regulated and transparent method to gain exposure to the blockchain asset.
The final closing of the merger is scheduled for October 7, pending the satisfaction of remaining conditions. Trading of the shares remains subject to final approval from the Nasdaq exchange. The company operates as a treasury firm, focusing its business model on holding cryptocurrency tokens to provide stock market investors with indirect exposure to the asset.
