Ripple-Backed Evernorth Rewrites $1 Billion Nasdaq Listing Formula Because of XRP Price

Evernorth Holdings, a crypto treasury company aiming to create the largest public XRP reserve, is revising the terms of its Nasdaq listing through a merger with SPAC company Armada Acquisition Corp. II.

Because XRP is currently trading at around $1, significantly below the $2.36 originally assumed in the agreement, the partners have recalculated the terms of the deal, valued at more than $1 billion, in favor of future shareholders.

Instead of using a fixed company valuation, the parties are switching to a flexible mechanism, with the final number of shares tied to XRP’s volume-weighted average price (VWAP) at the time the deal closes.

Since the token’s price has fallen, Evernorth will issue fewer shares at a fixed price of $10.00 each, but each share will be backed by more XRP. For investors, this means that their share of the fund’s treasury will increase, while the market price of the shares will remain as close as possible to the net asset value (NAV) of the actual tokens backing them.

Numbers behind Evernorth’s 473 million XRP treasury

Evernorth currently holds exactly 473,276,430 XRP tokens, including a strategic contribution from Ripple of more than 126 million tokens made at the signing stage. This reserve was originally accumulated at an average price of $2.54 per token, representing approximately $1.2 billion in investments. 

With XRP at $1, the market value of the crypto reserve stands at around $473 million, prompting the proactive adjustment to prevent public-market investors from overpaying based on historical metrics.

The restructuring has already received support from holders of more than 95% of the committed capital, including all investors who made advance commitments. Armada II’s sponsors have also agreed to proportionally reduce their founder-share holdings to protect the project from dilution. 

Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken and GSR remain among the key partners that approved the revised terms presented in the updated Form S-4 filed with the SEC.

According to Evernorth founder and CEO Ashish Birla, a former senior Ripple executive, the move preserves market confidence and protects the company’s long-term strategy of attracting institutional capital to the XRP ecosystem. 

The deal does not change the company’s plans to accumulate tokens and is expected to officially close in late Q3 or early Q4 2026 following the final review by the U.S. Securities and Exchange Commission.