Evernorth, a company backed by Ripple, began trading on the Nasdaq on Monday under the ticker XRPN. The listing follows a merger with the SPAC Armada Acquisition Corp. II, which concluded on Friday.
The company holds approximately 473 million XRP and $300 million in cash. At the closing reference price of $1.43 per token, the XRP holdings are valued at roughly $677 million.
Evernorth spent about $947 million to acquire its XRP stash in late October 2025. By February, the value of these holdings had decreased by approximately $446 million compared to the purchase price.
During the merger process, 80.3% of public shareholders opted for redemption, withdrawing about $195 million from the trust. This resulted in a small float of approximately 4.5 million shares.
SBI Holdings controls 39.9% of voting shares, Arrington Capital holds 19.9%, and Chris Larsen is linked to 9.9%. Major stakeholders are subject to a six-month lock-up period ending in April 2027.
Evernorth intends to generate yield through decentralized finance applications and by operating validators on the XRP Ledger. Hugo Jeandesboz has been appointed to lead this investment strategy.
