From Decrypt · By Jose Antonio Lanz
In brief
Evernorth began trading on Nasdaq under the ticker XRPN on Monday after closing its merger with SPAC Armada Acquisition Corp. II on October 9, holding about 473 million XRP and $300 million in gross cash.
About 80.3% of Armada's public shareholders redeemed their shares for roughly $10.58 each, pulling about $195 million out of the deal and leaving a thin float that sent the stock as high as $53 before the close.
XRP fell from $2.37 when the deal was signed to a $1.43 reference price at closing, valuing Evernorth's treasury at roughly $677 million versus the more than $1 billion it originally raised.
Evernorth, the Ripple-backed company built to stockpile XRP, started trading on the Nasdaq on Monday under the ticker XRPN, giving anyone with a regular brokerage account a way to bet on the cryptocurrency without ever opening a crypto wallet.
The listing caps a merger with Armada Acquisition Corp. II that closed on Friday. Armada was a SPAC, short for special purpose acquisition company: a listed shell with no business of its own that raises cash, parks it in a trust, and waits to merge with a private firm that wants to skip a traditional IPO.
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Evernorth enters public markets holding roughly 473 million XRP and about $300 million in gross cash. At the $1.43 XRP reference price used in the deal's closing filing, that stash is worth about $677 million.
The $677 million figure falls well short of the pitch Evernorth made when it first announced the deal in October 2025, when it touted more than $1 billion in funding to buy XRP. The merger documents priced the token at $2.37 at signing, so by closing day XRP had lost roughly 40% of its value.
Evernorth spent roughly $947 million buying XRP in late October 2025, and by February that pile was worth about $446 million less than it paid. XRP hit an all-time high of $3.65 in July 2025; the $1.43 closing reference price sits about 61% below that peak.
Evernorth belongs to a crowded category known as digital asset treasuries, or DATs: public companies whose main business is holding a cryptocurrency and raising money to buy more of it. Strategy (formerly Microstrategy) pioneered the playbook with Bitcoin, and Evernorth says it is now the largest publicly traded company devoted to XRP.
The model runs on a ratio called mNAV, or market-to-net-asset value, which divides a company's stock market value by the value of the crypto it holds. Above 1, a DAT can sell new shares at a premium and buy more tokens; below 1, raising money means dilution, where each existing share ends up representing a smaller slice of the company.
BitcoinBTC · USD$82,506−3.67%Oct 5Oct 7Oct 9Oct 11Oct 12$86.6k$84.6k$82.7k$80.7k24h HighHigh$84,23124h LowLow$82,345VolVol$979.2MMarket projectionsOdds by MyriadToday$82,000 to $84,000$82k–$84k59% chanceThis weekAbove $82,000Above $82k56% chance→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →About 80.3% of Armada's public shareholders, holding 18.5 million shares, chose redemption, the SPAC investor's right to hand shares back for cash from the trust. They took about $10.58 per share, pulling roughly $195 million out of the deal before it closed.