Evernorth, a Ripple-backed company created to build a large XRP treasury, began trading on Nasdaq on Monday under the ticker XRPN. Its public debut followed the completion of a merger with SPAC Armada Acquisition Corp. II, but the company entered the market with an XRP stash worth substantially less than the amount it initially raised to buy the token.
According to Decrypt, Evernorth holds approximately 473 million XRP and about $300 million in gross cash. Using the $1.43 reference price included in the merger’s closing filing, the cryptocurrency holdings were worth roughly $677 million. That compares with more than $1 billion in funding Evernorth highlighted when it announced the transaction in October 2025.
The company’s debut gives investors with a conventional brokerage account a way to gain exposure to XRP through a listed stock, without directly opening a cryptocurrency wallet. Evernorth also has warrants trading separately under the ticker XRPNW. Those instruments give holders the right to purchase shares for $11.50 each.
XRP decline reshapes the treasury
The merger was agreed when XRP was valued at $2.37, but the token stood at $1.43 for the closing calculation, representing a decline of about 40% between signing and completion. At that lower reference price, Evernorth’s XRP holdings were valued at approximately $677 million, despite the company having spent about $947 million buying XRP in late October 2025.
The value of the treasury had already fallen by about $446 million relative to its purchase cost by February, according to the source material. XRP previously reached an all-time high of $3.65 in July 2025. The $1.43 closing reference price was therefore about 61% below that peak.
Evernorth is part of a group of listed firms known as digital asset treasuries, or DATs. These companies generally make holding a cryptocurrency their central corporate activity and may raise additional capital to acquire more tokens. Strategy, formerly known as MicroStrategy, established a prominent version of the model around Bitcoin. Evernorth says it is now the largest publicly traded company focused on XRP.
A key measure for such companies is mNAV, or market-to-net-asset value. The ratio compares a company’s stock-market value with the value of its crypto holdings. When the ratio is above one, a company may be able to issue shares at a premium and use the proceeds to purchase more cryptocurrency. When it is below one, raising capital can dilute existing shareholders, leaving each share representing a smaller portion of the business.
SPAC redemptions leave a thin float
The merger with Armada closed on October 9. Armada was a special purpose acquisition company, or SPAC: a listed shell that raises money before identifying a private company with which to merge. The structure can offer a route to public markets without a conventional initial public offering.
Before the transaction closed, about 80.3% of Armada’s public shareholders—holders of roughly 18.5 million shares—chose to redeem their stock for approximately $10.58 per share. The redemptions removed about $195 million from the transaction and left around 4.5 million original public shares available for trading.
That small public float contributed to sharp price swings. XRPN reached an intraday high of $53 on October 2, after the redemption window had closed, and ended that Friday at $39.42. The stock then fell to $17.09 on October 9, the day the merger was completed. On its first day trading as Evernorth, it briefly moved toward $19 before declining to $16.64 by midday Monday, according to Yahoo Finance data cited in the source material.
Ownership is concentrated among several major participants. Tokyo-listed financial group SBI Holdings controls 39.9% of Evernorth’s voting shares. Arrington Capital’s fund, which sponsored Armada, holds 19.9%, while Ripple co-founder Chris Larsen is linked to 9.9%. Ripple and its affiliates are limited to 9.9% of voting power. Ripple, a Larsen-linked trust and Arrington’s fund also agreed to six-month lock-ups that prevent sales until April 2027.
Plans go beyond holding XRP
Most of Evernorth’s treasury came from existing holders exchanging XRP for company stock. Arrington’s fund contributed about 211 million XRP, Ripple transferred approximately 127 million, and the Larsen-linked trust provided 50 million. Another roughly 84 million XRP was purchased at an average price of $2.53 using $214 million in early funding.
Evernorth says it does not intend to operate solely as a passive holder. Its plans include seeking yield through decentralized-finance applications, which facilitate crypto lending and trading without a traditional bank intermediary. The company also intends to operate validators—computers that help confirm transactions on the XRP Ledger—with the stated aim of increasing the amount of XRP supporting each share.
On Monday, Evernorth appointed Hugo Jeandesboz, previously co-chief investment officer at Coinbase Asset Management, to lead that strategy. The company is scheduled to mark its Nasdaq listing by ringing the exchange’s ceremonial closing bell on Wednesday, October 14.
Current crypto market picture
Moneyiar market data at 09:59 on October 13, 2026, showed XRP at $1.3602552725, down 3.15% over 24 hours and 9.5% over seven days. MON was $0.02462677, down 4.79% in 24 hours and 13.11% over seven days. LION stood at $0.0012920014, down 7.25% and 15.49%, respectively. ADI was $8.3656052307, up 0.13% over 24 hours and 3.81% over seven days.
