Evernorth Stock XRPN Debuts on Nasdaq With 473M XRP Treasury

Evernorth began trading on the Nasdaq under the ticker XRPN on Monday, establishing itself as the largest publicly traded corporate treasury dedicated to XRP. The listing gives traditional brokerage investors direct exposure to the cryptocurrency without requiring digital wallets or exchange accounts, though it arrives after a steep decline in the underlying asset’s value eroded much of the company’s initial capital base.

The Ripple-backed firm enters public markets holding roughly 473 million XRP and $300 million in gross cash. Based on the $1.43 reference price used in its closing merger documents, that treasury is valued at approximately $677 million. That figure represents a significant contraction from the more than $1 billion in funding Evernorth promoted when it first announced its formation in October 2025. At signing, XRP was priced at $2.37. The token has since fallen about 40% from that level and sits roughly 61% below its July 2025 all-time high of $3.65.

Unlike passive spot exchange-traded funds that merely hold assets, Evernorth operates as a digital asset treasury company, or DAT. Strategy, formerly known as MicroStrategy, pioneered this corporate structure with Bitcoin. A DAT’s viability hinges on its market-to-net-asset-value ratio, known as mNAV. When a company trades above an mNAV of 1, it can issue new shares at a premium to acquire additional tokens accretively. Below 1, equity issuance dilutes existing shareholders. Evernorth intends to push its per-share XRP count higher by operating validators on the XRP Ledger and deploying capital into decentralized finance protocols to generate yield.

To execute that strategy, the company appointed Hugo Jeandesboz on Monday. Jeandesboz previously served as co-chief investment officer at Coinbase Asset Management.

The path to the Nasdaq floor required navigating heavy redemptions from Armada Acquisition Corp. II, the special purpose acquisition company Evernorth merged with. The deal closed on October 9. Before that, 80.3% of Armada’s public shareholders exercised their right to redeem holdings for trust cash, taking roughly $10.58 per share. That withdrawal pulled about $195 million out of the transaction and left only 4.5 million original public shares outstanding.

Such a thin float created extreme price volatility in pre-merger trading. Days after the redemption window closed, shares touched an intraday peak of $53 on October 2 before settling at $39.42 that Friday. By the October 9 closing date, the stock had slid to $17.09. On its first official day as Evernorth, shares briefly approached $19 before fading to $16.64 by midday Monday, according to Yahoo Finance data. Warrants granting the right to purchase shares at $11.50 each are now trading separately under the ticker XRPNW.

The company’s ownership structure reflects deep ties to the XRP ecosystem, balanced against regulatory constraints. Tokyo-listed financial group SBI Holdings controls 39.9% of voting shares. Arrington Capital, which sponsored the SPAC, holds 19.9%. Ripple co-founder Chris Larsen is tied to 9.9%, a ceiling deliberately imposed on Ripple and its affiliates to limit their voting power. Ripple, a Larsen-linked trust, and Arrington’s fund have signed six-month lock-up agreements barring sales until April 2027.

Most of the treasury was assembled through token-for-stock swaps rather than open-market purchases. Arrington’s fund contributed about 211 million XRP, Ripple handed over roughly 127 million, and the Larsen-linked trust added 50 million. An additional 84 million tokens were acquired at an average cost of $2.53 using $214 million in early funding.

Evernorth is scheduled to ring the Nasdaq ceremonial closing bell on Wednesday, October 14.