Evernorth XRP treasury launches on Nasdaq down 37% from deal valuation
Armada Acquisition Corp. II shareholders cleared Evernorth Holdings’ merger on Wednesday, September 30, 2026, setting up what the companies call the largest publicly traded pure-play XRP treasury vehicle to begin trading on Nasdaq under ticker XRPN on Thursday, October 8, 2026. The listing offers institutional investors regulated equity exposure to roughly 473 million XRP, but that stack already trades 37% below the price used when the deal was signed a year earlier.
- Armada II shareholders approved the Evernorth merger on September 30, 2026, clearing the final closing condition before Nasdaq trading.
- Evernorth expects to hold approximately 473 million XRP at closing, about 0.75% of XRP’s 63.1 billion circulating supply.
- XRP trades at $1.49, down 37% from the $2.37 price used to value Ripple’s contribution when the agreement was signed in October 2025.
- 473M XRP held by Evernorth, 0.75% of total circulating supply
- $1.49 current XRP price versus $2.37 signing-date valuation, down 37%
- $300M gross cash proceeds expected from this week’s closing transaction
Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company, or SPAC, a shell firm created solely to merge with a private business and take it public, said shareholders approved its business combination with Evernorth Holdings at an extraordinary general meeting held Wednesday, September 30, 2026, according to a release. Evernorth is a digital asset treasury company, a listed firm whose balance sheet holds a single token, in this case XRP, the fifth-largest cryptocurrency by market value.
The approval clears the way for the deal to close Wednesday, October 7, 2026, with trading on Nasdaq beginning Thursday, October 8, 2026, as first reported by BeInCrypto. Investor support held firm, with 100% of both advanced and delayed funders participating, the companies said.
Evernorth’s 473 Million XRP Values the Deal $414 Million Below Signing
The Business Combination Agreement, signed in October 2025, priced Ripple’s 126.8 million XRP contribution at about $2.37 per coin, according to the prospectus filed with the SEC. XRP now trades at $1.49, a 37% decline from that signing-date mark. At the signing price, the full 473 million XRP stack would be worth about $1.1 billion; at today’s price it is worth roughly $705 million, a gap of about $414 million.
Most of those coins never traded on the open market. Ripple and a related party contributed about 388 million XRP directly in exchange for shares, the prospectus shows.
The combination is expected to raise about $300 million in gross cash proceeds before expenses, according to the release.
Birla Calls XRPN a ‘Regulated’ Way to Hold XRP Exposure
Evernorth founder and CEO Asheesh Birla framed the listing as a structural shift for XRP holders in the release.
Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.
Asheesh Birla, Founder and CEO, Evernorth
The company says it intends to grow XRP per share over time through yield strategies, ecosystem participation and capital markets activity, a playbook that echoes how Strategy built its balance sheet around bitcoin, detailed in its 8-K disclosing a $5.02 billion reserve. Tom Lee’s Bitmine has pursued a similar model with ether, recently declaring a crypto bull market ‘underway’ after adding to its holdings.
XRPN Trades a Token Bet for a Corporate Balance Sheet
For institutional allocators barred from holding spot crypto directly, XRPN offers a familiar compliance route: a Nasdaq-listed share wrapping token exposure. Unlike an exchange-traded fund, Evernorth’s share price will track the corporate vehicle’s book value, cash position and strategy execution rather than a transparent net asset value formula.
The prospectus leaves open how reductions imposed on “Contributor Related Parties,” the entities including Ripple that contributed coins rather than cash, will affect per-share XRP backing once trading begins. It also does not specify what share of the $300 million in gross proceeds will fund additional XRP purchases versus covering transaction costs, leaving that detail for post-closing filings.
The CCS read. The real test is not whether XRP recovers to $2.37, but whether XRPN trades above or below the net value of its 473 million coins once Nasdaq opens. A persistent discount would tell investors they see less upside in the corporate wrapper than in holding the token outright, pressuring Evernorth to lean harder on its promised yield and capital markets strategy to close that gap.
Evernorth confirmed the timeline in a <a href="https://x.com/evernorthxrp/status/2
