Evernorth Holdings Inc. has started trading on Nasdaq, giving investors exposure to a publicly listed company built around an actively managed treasury of about 473 million XRP.
The company’s shares, listed under the symbol XRPN, began trading on 12 October after Evernorth completed its merger with Armada Acquisition Corp. II, a special purpose acquisition company created to take another business public.
XRPN shares ended the regular session at $16.91, down 18 cents, or 1.05%, from the previous close. Nasdaq data recorded at 7:30 p.m. EDT showed the stock trading at $17.37 in after-hours activity, an increase of 46 cents, or 2.72%, from the closing price.
The market debut took place four days later than originally planned because of an administrative delay. The revised timetable moved the merger completion from 7 October to 9 October and the start of trading from 8 October to 12 October. Armada shareholders approved the transaction at a meeting on 30 September.
At the time of completion, Evernorth held approximately 473 million XRP and had secured approximately $300 million in gross cash proceeds before transaction expenses.
The merger brought together financial backing and institutional support from Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Evernorth’s XRP strategy
Chief executive and founder Asheesh Birla set out the company’s plans in Evernorth’s 9 October business combination announcement.
“Evernorth intends to pursue institutional and decentralized finance yield strategies, ecosystem participation, and capital markets activities to increase XRP per share,” he said.
The company’s stated objective is to increase the amount of XRP held for each outstanding share. That differs from buying the cryptocurrency directly, where an investor owns the digital asset itself. Buying Evernorth shares instead provides an ownership interest in the company, combining exposure to XRP with its financing structure, operating decisions and business performance.
The transaction also involved significant redemptions by Armada shareholders. According to a filing with the US Securities and Exchange Commission, approximately 80.3% of Armada shares eligible for redemption were redeemed, with holders receiving about $195.39 million in cash.
Evernorth has also identified tokenised assets, blockchain-based credit markets and settlement infrastructure as possible areas for future capital deployment.
The company’s launch week includes a public campaign celebrating supporters who remained involved in the XRP ecosystem during periods of difficulty. The campaign features Bearchamp, a boxing bear character created by Chicago artist JC Rivera, and has developed through a series of chapters leading to a presentation in Times Square.
Evernorth said company leaders, investors and XRP ecosystem participants are expected to ring the Nasdaq closing bell on 14 October. The final chapter of the Bearchamp collaboration is scheduled to premiere in Times Square, New York, at about 4 p.m. Eastern time that afternoon, according to an update posted by the company on X on 10 October.
