Evernorth begins trading on Nasdaq under XRPN ticker with 473 million XRP

Ripple-backed Evernorth Holdings began trading on Nasdaq under ticker XRPN on October 12, 2026, following its merger with SPAC Armada Acquisition Corp. II. Holding 473 million XRP and $300 million in gross cash, Evernorth is the largest publicly traded XRP treasury company. Prior to closing, 80.3% of SPAC shareholders redeemed $195 million, leaving a reduced float. Amid a 40% drop in XRP token prices since the deal's October 2025 announcement, XRPN stock reached $19.38 before closing its debut down 1.05% at $16.91.

Evernorth's Nasdaq trading debut

• ▪On Evernorth Holdings' first trading day as Evernorth on October 12, 2026, XRPN stock peaked at $19.38 before closing down 1.05% at $16.91 on trading volume of nearly 1.29 million shares
• ▪Evernorth Holdings began trading on the Nasdaq stock exchange under the ticker symbol XRPN on October 12, 2026

Evernorth's XRP treasury composition

• ▪Evernorth entered public markets holding approximately 473 million XRP, making it the largest publicly traded XRP treasury company
• ▪Most of Evernorth's XRP treasury was created through asset contributions, including 211 million XRP from Arrington Capital's fund, 127 million XRP from Ripple, and 50 million XRP from a Chris Larsen-linked trust

Approval and funding of SPAC merger

• ▪Evernorth raised approximately $300 million in gross cash proceeds as part of its SPAC merger transaction
• ▪Shareholders of Armada Acquisition Corp. II formally approved the business combination with Evernorth at an extraordinary general meeting on September 30, 2026
• ▪Evernorth completed its business combination with special purpose acquisition company Armada Acquisition Corp. II on October 9, 2026

Share redemptions and float volatility

• ▪Prior to Evernorth's merger with Armada Acquisition Corp. II, Armada Acquisition Corp. II public shareholders redeemed 80.3% of public shares (18.5 million) for roughly $10.58 each, withdrawing approximately $195 million from trust, leaving about 4.5 million original public shares
• ▪Thin public trading float pushed Armada Acquisition Corp. II stock to an intraday high of $53 on October 2, 2026, before dropping to $17.09 on October 9, 2026

Ownership distribution and lock-up terms

• ▪Ripple, a Chris Larsen-linked trust, and Arrington Capital's fund signed six-month lock-up agreements barring XRPN stock sales until April 2027
• ▪Tokyo-based SBI Holdings controls 39.9% of Evernorth's voting shares, Arrington Capital's fund holds 19.9%, and Ripple and Ripple co-founder Chris Larsen are capped at 9.9% voting power each

Strategy and leadership for XRP yield

• ▪Evernorth plans to generate yield on its XRP treasury by participating in decentralized finance lending protocols and running validator nodes on the XRP Ledger
• ▪Evernorth appointed former Coinbase Asset Management co-chief investment officer Hugo Jeandesboz as chief investment officer on October 12, 2026, to oversee treasury allocation and XRP yield strategies

Impact of XRP price declines on treasury value

• ▪XRP declined from $2.37 at the signing of Evernorth's merger agreement with Armada Acquisition Corp. II to a closing reference price of $1.43 on October 9, 2026, lowering Evernorth's treasury value to $677 million from its original $1 billion target
• ▪Evernorth spent approximately $947 million acquiring XRP in late October 2025, with those holdings losing about $446 million in value by February 2026

XRP market performance

• ▪U.S. spot XRP ETFs recorded $11.31 million in net inflows between October 5 and October 9, 2026, led by Bitwise with $10.55 million
• ▪XRP traded between $1.37 and $1.43 on October 12, 2026, down approximately 61% from its all-time peak of $3.65 reached in July 2025

Debatable claims

• ▪Deploying corporate crypto treasuries into decentralized finance protocols creates unacceptable risk for equity investors
• ▪Public digital asset treasuries are an ineffective vehicle for institutional cryptocurrency exposure