Evernorth Brings 473 Million XRP to Nasdaq After an 80% SPAC Cash-Out

Evernorth has made its Nasdaq debut with one of the largest corporate XRP positions in the market—and a much thinner shareholder base than its original deal envisioned.

The Ripple-backed treasury company began trading under the ticker XRPN after completing its merger with Armada Acquisition Corp II. It arrived with roughly 473 million XRP and about $300 million in gross cash.

That gives stock-market investors a new way to take concentrated exposure to the fourth-largest cryptocurrency without holding tokens directly.

But the closing numbers tell a more complicated story. According to Decrypt, 80.3% of Armada’s public shareholders redeemed their shares before the merger closed.

Those investors pulled roughly $195 million from the transaction, leaving only about 4.5 million original public shares in the float and making relatively small buy or sell orders capable of producing unusually large price swings.

The XRP pile was valued near $677 million at the deal’s $1.43 closing reference price. That was roughly 40% below the $2.37 token price used when the transaction was signed.

Most of the treasury came from token contributions rather than open-market purchases. Arrington Capital supplied about 211 million XRP, Ripple contributed roughly 127 million and a trust linked to Chris Larsen added 50 million.

The redemption left a small pool of shares available for public trading. XRPN had already touched $53 before the closing, fell to $17.09 on October 9 and briefly moved back toward $19 during its first Evernorth session.

SBI Holdings now controls 39.9% of the voting shares, while Arrington Capital’s fund holds 19.9%. Ripple and its affiliates are capped at 9.9% of voting power, and several large holders are subject to six-month lockups.

A large treasury meets a very small float

That combination can produce violent trading. XRPN had already reached an intraday high of $53 before the closing, then fell to $17.09 on October 9.

On its first session as Evernorth, the stock briefly moved toward $19 before fading to $16.64 by midday.

Evernorth CEO Asheesh Birla confirmed the merger completion and the plan to begin Nasdaq trading in an October 9 post. The listing gives the XRP ecosystem a public-company treasury vehicle, but the limited float means early share-price action may say as much about scarcity as it does about the value of the underlying tokens.

Today, we announced that we've completed our business combination with Armada Acquisition Corp. II. On Monday, our common stock is expected to begin trading on Nasdaq under the ticker $XRPN. I wrote down what I think the next five years could look like: I believe finance is about… pic.twitter.com/zgDffJdL7e

— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 9, 2026

The treasury itself has also lost substantial dollar value since the transaction was announced. Merger documents used an XRP price of $2.37 when the deal was signed.

At the $1.43 reference price used at closing, the 473 million-token position was worth about $677 million—roughly 40% less than at signing.

Not all of that XRP was purchased for cash. Arrington Capital’s fund contributed about 211 million tokens, Ripple provided roughly 127 million and a trust connected to Ripple co-founder Chris Larsen added another 50 million.

Around 84 million XRP were bought at an average price of $2.53 using $214 million in early funding.

Evernorth is betting on active management

The company says it does not intend to operate as a passive vault. Its plan includes using decentralized-finance markets, running XRP Ledger validators and pursuing other strategies designed to increase the amount of XRP represented by each share.

Birla made that distinction clear after shareholders approved the combination, describing Evernorth as an actively managed treasury rather than a pile of tokens meant to sit still.

Many treasuries are built to sit still. Ours is intended to be actively managed. Shareholders have now backed that vision.

This content is for informational purposes only and does not constitute investment advice. This content may contain forward-looking statements that involve… https://t.co/4450oTe34Z

— Asheesh Birla | CEO at Evernorth (@ashgoblue) October 1, 2026

That strategy creates opportunity, but it also layers execution risk on top of XRP price risk. Yield programs and validator operations can add tokens; they can also introduce technical, counterparty and liquidity exposure that a passive fund would avoid.

The market will now decide whether XRPN deserves to trade above, below or near the value of its XRP and cash. With a concentrated ownership structure, a small float and a treasury tied closely to one volatile asset, that price discovery is unlikely to be quiet.

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