Evernorth Goes Public on Nasdaq Holding 473M XRP Tokens
Evernorth Holdings completes SPAC merger with Armada Acquisition Corp. II, entering public markets with 473M XRP and $300M in cash.
Evernorth Holdings, Inc. has completed its business combination with Armada Acquisition Corp. II, propelling the company onto the Nasdaq exchange under the ticker symbol XRPN beginning October 12, 2026. The deal marks a significant milestone for a firm that has built its balance sheet around one of the cryptocurrency market's most prominent digital assets.
Upon closing, Evernorth entered public markets holding approximately 473 million XRP tokens alongside roughly $300 million in gross cash proceeds. The dual-asset structure positions the company as a notable publicly traded vehicle with direct exposure to XRP, the digital asset long associated with cross-border payment infrastructure.
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The transaction was structured as a special purpose acquisition company merger, a route that has allowed a range of digital-asset-focused enterprises to access public capital markets over recent years. By pairing a substantial XRP treasury with a significant cash reserve, Evernorth's backers appear to be signaling confidence in both the regulatory environment surrounding XRP and broader institutional appetite for crypto-linked equities.
The listing on Nasdaq, one of the two largest U.S. stock exchanges, gives retail and institutional investors a regulated equity instrument to gain indirect exposure to XRP without holding the token directly. Analysts and market observers will likely monitor how XRPN shares track relative to XRP's spot price in early trading sessions following the October 12 debut.
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