XRPN Hits Nasdaq With 473 Million XRP Behind Every Share

Evernorth Holdings began trading on Nasdaq under the ticker XRPN on October 12, holding approximately 473 million XRP, which the company describes as one of the largest XRP treasuries of any public company.The listing follows the October 9 closing of its business combination with Armada Acquisition Corp. II, a special purpose acquisition company, which brought approximately 473 million XRP and about $300 million in gross cash proceeds before expenses into a public vehicle.

From $1 Billion Announcement to $300 Million in Cash

Evernorth's original transaction terms, announced in October 2025, described the deal as raising over $1 billion in gross proceeds, including a $200 million commitment from SBI Holdings. The closing release tells a different story on the cash side: approximately $300 million in gross cash, including $225 million from private placements, $30 million from convertible notes and roughly $48 million from Armada II's trust, according to the company's filings.The gap between the headline figure and the closing cash total reflects that most of the original commitment arrived as in-kind XRP contributions rather than dollars. RippleWorks supplied 211.3 million tokens through sponsor entity Arrington XRP Capital Fund, and Ripple itself contributed 126.8 million XRP when the merger agreement was signed. Advance funding investors provided $214 million, which Evernorth spent in late 2025 on 84.4 million XRP at an average of approximately $2.54 per token, proxy filings show. Armada II shareholders approved the deal on September 30 with about 20.5 million shares in favor and 1.4 million against. The closing slipped from an original October 7 target to October 9 due to an administrative delay, which pushed the trading start from October 8 to October 12. Chief Executive Officer Asheesh Birla, a 12-year Ripple veteran, confirmed the revised schedule in an October 6 Form 8-K filed with the United States Securities and Exchange Commission (SEC).

What One Share Holds Against The Market

At closing, Evernorth's treasury contains approximately 473 million XRP. With XRP trading near $1.42 on October 12, those tokens carry a market value of roughly $672 million. The company also reported approximately $300 million in gross cash proceeds, although much of that headline amount had already been converted into XRP before the listing.The closing added approximately $88 million in gross cash from delayed subscriptions, convertible notes, and Armada II's trust, before expenses. The exact unspent cash balance has not been disclosed.Evernorth's financial statements in the proxy put the cost of 346.3 million of its XRP at $846.6 million. By June 30, the company carried those tokens at $348.8 million and had recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026, KuCoin reporting shows. The impairments reflect the gap between XRP's purchase prices and the lows it hit during those periods.Market analysts have noted the debut by itself does not add demand for XRP, since investors and partners supplied most of the treasury before the listing. The debut arrives during a volatile stretch for XRP, which slid from about $1.53 at the end of September to $1.42 by October 12.

Premium or Discount Remains The Open Trade

The central question for XRPN's first session is whether the stock trades above or below the per-share value of its underlying assets. Bitcoin treasury vehicles like Strategy (formerly MicroStrategy) have traded at persistent premiums to their net asset value, partly because their stock gives regulated investors exposure they cannot get through spot holdings. XRPN offers the same structure for XRP, but with a smaller market capitalization and a shorter operating track record. Before the merger, Armada's shares had already surged roughly 273% in a single week, closing at $39.42 on October 3, according to CoinDesk data. That pre-merger run-up priced in expectations that the stock market may now test against the value of what is actually inside the treasury. Evernorth expects to participate in Nasdaq's closing-bell ceremony on October 14, reinforcing the listing's profile among institutional investors. Birla has stated the company has not committed to purchasing additional XRP after the listing, leaving questions about future treasury growth unanswered for now. The company plans to grow its XRP per share through yield strategies, ecosystem participation, and capital markets activity rather than outright accumulation.