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      Evernorth Holdings Shares Rise 5% in Nasdaq Debut Following SPAC Merger

      Evernorth Holdings, a treasury company focused on XRP, experienced a positive start on its first day of trading on the Nasdaq, with shares rising 5% on October 12, 2026. The company began trading under the ticker XRPN after completing its merger with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC). This listing marks Evernorth as the first public entity dedicated to XRP, providing investors a way to gain exposure to the cryptocurrency without the complexities of wallets or exchanges.

      The trading session was marked by volatility, with shares reaching an intraday high of 13.43% above the initial price before settling to close approximately 1.5% higher. The merger was finalized on October 9, 2026, after overcoming administrative delays that postponed the original listing date from October 8. Evernorth plans to celebrate its debut by ringing the Nasdaq closing bell on October 14, 2026.

      At the time of the merger, Evernorth held around 473 million XRP, valued at approximately $657 million based on a token price of $1.39. The company also reported about $300 million in gross cash proceeds. Evernorth aims to enhance the XRP backing for each share through various strategies, including decentralized finance yield strategies and active participation in the XRP ecosystem. Hugo Jeandesboz was appointed as chief investment officer on the same day the stock began trading, bringing experience from his previous role at Coinbase Asset Management.

      © 2026 KLEA News. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

      Source: KLEA News

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