Quick answer: Evernorth XRPN begins trading on Nasdaq on Oct. 12, 2026, after closing its SPAC merger on Oct. 9. It holds about 473 million XRP, worth roughly $657 million at $1.39 per XRP (CoinGecko), plus about $300 million in gross cash. Per its SEC filing, 80.3% of SPAC shareholders redeemed for $195.39 million.
Evernorth XRPN opens on Nasdaq on Monday with one of the biggest XRP piles held by any listed company. The debut also arrives after a rough year for the token, and most of the original SPAC investors chose cash over shares.
Evernorth Holdings completed its merger with Armada Acquisition Corp. II on Oct. 9, 2026, according to its press release. Its Class A shares are set to trade as XRPN from Oct. 12, with warrants under XRPNW. The company says it holds about 473 million XRP and raised about $300 million in gross cash before deal costs.
What is Evernorth XRPN?
Evernorth XRPN is a digital asset treasury company, the same model Strategy made famous with bitcoin. Instead of buying XRP directly, investors can buy a listed share that holds XRP on its balance sheet. In addition, Evernorth says it will put that XRP to work through lending, liquidity and DeFi yield on the XRP Ledger, aiming to grow “XRP per share over time.”
Backers named in the release include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Founder and CEO Asheesh Birla said the goal was “an actively managed XRP treasury” with “the transparency and governance that public markets demand.” The company also expects to ring the Nasdaq closing bell on Oct. 14, 2026.
How much XRP does Evernorth hold, and what is it worth?
At $1.39 per XRP on Oct. 11, 2026, 05:58 UTC (CoinGecko), 473 million XRP is worth roughly $657 million. With the cash added, the balance sheet tops $950 million before expenses.
However, the token lost ground while the deal was pending. The Form 8-K lists a “Signing XRP Price” of $2.36609 and a “Closing XRP Price” of $1.43069, a drop of about 40%. At the signing price, the same 473 million XRP would have been worth about $1.12 billion.
Why did 80% of SPAC shareholders cash out?
The filing shows holders of 18,463,753 SPAC shares, about 80.3% of those with redemption rights, redeemed at about $10.58 each. That pulled roughly $195.39 million out of the trust. High redemptions are common in SPAC deals, but they also mean fewer free-floating shares on day one, which can make early trading swing harder.
Meanwhile, Ripple contributed 126,791,458 XRP in exchange for 18,139,927 company units. Advance funding investors put in about $214.05 million in cash and 600,000 XRP. Their share count was scaled by the ratio of the closing XRP price to the signing price, so the XRP slide cut the number of shares they received.
How many XRPN shares are outstanding?
Right after closing, Evernorth had 22,268,905 Class A shares, 32,211,992 Class C shares and 11,739,645 warrants with an $11.50 exercise price. Ripple and its affiliates are capped at 9.9% of the combined voting power, and Ripple, a related entity and the sponsor signed lock-up agreements.
What does the Evernorth listing mean for XRP?
For XRP holders, this is a second regulated route in, alongside the XRP ETFs that kept drawing inflows during this month’s selloff. You can follow the token on our live XRP price page. For a refresher on how fund flows work, see our crypto ETF explainer.
Still, treasury stocks can trade well above or below the value of the coins they hold. Strategy’s bitcoin cost basis shows how much a falling coin price can squeeze these companies, and MARA’s shrinking bitcoin treasury shows holdings can also be sold. Therefore, watch XRPN’s price against its XRP per share, not just the headline.
Evernorth XRPN FAQ
When does Evernorth XRPN start trading?
Evernorth’s Class A shares start trading on the Nasdaq Stock Market on Oct. 12, 2026, under the ticker XRPN. Its warrants trade as XRPNW, per the company’s Oct. 9 Form 8-K.
How much XRP does Evernorth own?
Evernorth says it held about 473 million XRP at closing on Oct. 9, 2026. At $1.39 per XRP on Oct. 11 (CoinGecko), that is roughly $657 million.
Is Ripple an investor in Evernorth?
Yes. Ripple contributed 126,791,458 XRP for 18,139,927 company units, per the Form 8-K. Its combined voting power is capped at 9.9%.
Is buying XRPN the same as buying XRP?
No. XRPN is a company share, so its price depends on management, costs, cash and market demand as well as XRP. It can trade at a premium or a discount to the XRP it holds.
This article is for information only. Not financial advice; DYOR.
