Evernorth Nasdaq Listing Puts XRP Treasury in Focus

Evernorth began trading on Nasdaq as XRPN after merging with SPAC Armada Acquisition Corp. II, becoming a publicly listed company focused on an XRP treasury. It holds about 473 million XRP and $300 million in gross cash. At the $1.43 XRP reference price used at closing, its XRP holdings were worth about $677 million, below the more than $1 billion in funding highlighted when the deal was announced. XRP had fallen about 40% from its $2.37 price when the deal was signed. The latest trading details point to a thin public float: about 80.3% of Armada’s public shareholders redeemed their shares, withdrawing roughly $195 million. XRPN briefly reached $53 before falling and traded around $16.64 on Monday after an early rise. An earlier report noted an approximately 5% first-day gain, but the sharp intraday swings underline the stock’s volatility. Evernorth plans to grow the XRP held behind each share through decentralised finance (DeFi) strategies and XRP Ledger validator operations. It also appointed former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz to oversee treasury strategy, capital allocation, liquidity and active management of its XRP holdings. SBI Holdings holds 39.9% of voting shares, while Ripple and affiliated parties are capped at 9.9% of voting power. The listing gives brokerage investors exposure to Evernorth and XRP without directly holding the token, but XRPN’s performance depends on XRP prices, treasury execution and its limited share float.