Ripple-backed Evernorth to begin Nasdaq trading Oct 8 under XRPN after SPAC approval
Evernorth, the Ripple-backed XRP treasury company, is expected to begin Nasdaq trading Oct 8 under the ticker XRPN after Armada Acquisition Corp. II shareholders approved the merger.
Ripple-backed Evernorth to begin Nasdaq trading Oct 8 under XRPN after SPAC approval
Evernorth Holdings, the Ripple-backed XRP treasury company, expects to begin Nasdaq trading on October 8 under the ticker XRPN after Armada Acquisition Corp. II shareholders approved their merger on September 30.
The company confirmed in a post on X that the transaction is expected to close October 7, with trading subject to customary closing conditions and Nasdaq listing approval. At closing, Evernorth expects to hold roughly 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury company.
The deal brings in about $300 million in gross cash proceeds before expenses: $225 million from private placements, $30 million in incremental convertible note financing and roughly $48 million from the SPAC’s trust, according to the company’s October 1 press release. Filings indicate part of the cash will go toward buying more XRP. Anchor investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
Ripple’s involvement runs deeper than a balance-sheet stake. The company and a related party contributed about 388 million XRP in exchange for shares, per the SEC prospectus, and its chief executive, Brad Garlinghouse, and former chief technology officer David Schwartz are listed as advisors. Evernorth founder and CEO Asheesh Birla is a former Ripple executive.
Birla said going public would give investors “a regulated, transparent way to own XRP exposure” without holding the token directly. In a separate post, he said Evernorth’s treasury is “intended to be actively managed”, planning yield, lending, liquidity provision and XRP Ledger strategies to grow XRP per share.
The timing carries a market risk. XRP traded at $1.49 as of October 1, about 37% below the roughly $2.37 per coin price used when the deal was signed in October 2025, which would value the planned 473 million coin stack at about $705 million against roughly $1.1 billion at the signing price. The stack still amounts to only about 0.75% of XRP’s 63.1 billion coins in circulation.
