Evernorth Hits Nasdaq With 473 Million XRP as XRPN Trading Begins

XRPN Starts Trading as XRP Treasury Reaches Nasdaq

Stock market investors gained access to Evernorth Holdings Inc. (Nasdaq: XRPN) on Oct. 12 as the XRP treasury company’s shares opened for trading. Its start of Nasdaq trading follows the completion of a merger with Armada Acquisition Corp. II, a special purpose acquisition company formed to bring another business public. XRPN identifies Evernorth’s common stock.

Shares finished the regular session at $16.91, down 18 cents, or 1.05%, from the previous close. By 7:30 p.m. EDT, XRPN’s after-hours price stood at $17.37, up 46 cents, or 2.72%, from the session’s closing level, according to Nasdaq data captured that evening.

The launch followed an administrative delay that moved the planned market debut four days beyond its original target. The revised merger and trading timetable replaced an Oct. 7 closing and Oct. 8 trading start with Oct. 9 and Oct. 12, respectively. Armada shareholders had approved the transaction at their Sept. 30 meeting.

473 Million XRP Backs an Active Treasury Strategy

Evernorth held approximately 473 million XRP at closing and had raised approximately $300 million in gross cash proceeds before transaction expenses. Its completed XRP treasury merger brought together financing and institutional backing from investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

Founder and Chief Executive Officer Asheesh Birla outlined the operating strategy in the company’s Oct. 9 business combination announcement. He said:

“Completing this transaction today marks a significant milestone of bringing this company to market.”

Evernorth intends to pursue institutional and decentralized finance yield strategies, ecosystem participation, and capital markets activities to increase XRP per share.

That objective measures the quantity of tokens held relative to outstanding shares, linking treasury growth to the number of outstanding shares. Purchasing Evernorth shares gives investors an ownership interest in the business. Holding cryptocurrency directly instead means owning the digital asset itself. The equity investment combines XRP exposure with Evernorth’s financing structure, operating decisions, and business performance.

The transaction’s financing details show substantial shareholder redemptions before the combined business reached public markets. Holders redeemed approximately 80.3% of Armada shares eligible for redemption, receiving about $195.39 million in cash, the SEC filing states. Separately, Evernorth identifies tokenized assets, blockchain-based credit markets, and settlement infrastructure as potential areas for capital deployment.

Evernorth Sets Nasdaq Bell Ceremony for Oct. 14

The debut week also extends Evernorth’s public campaign recognizing supporters who remained involved in the XRP ecosystem through setbacks. Its XRP community campaign features Bearchamp, a boxing bear character created by Chicago artist JC Rivera. The collaboration developed through a series of chapters leading toward a Times Square presentation.

Evernorth expects to ring the Nasdaq closing bell Oct. 14 with company leadership, investors, and XRP ecosystem participants. That afternoon, the final chapter of the Bearchamp collaboration is scheduled to premiere in Times Square, New York, at around 4 p.m. Eastern, the company stated in its Oct. 10 update on X.

XRP gained renewed attention after Evernorth highlighted how the crypto asset facilitated a tokenized Treasury redemption across Ripple, Mastercard, J.P.…