Evernorth Holdings Goes Public on Nasdaq, Holds 473M XRP
Evernorth completes SPAC merger with Armada Acquisition Corp. II, debuting on Nasdaq as XRPN with roughly 473 million XRP and $300M in cash.
Evernorth Holdings, Inc. completed its business combination with Armada Acquisition Corp. II and entered the public markets with a substantial XRP position, the company announced Thursday. Shares are set to begin trading on the Nasdaq exchange under the ticker symbol XRPN on October 12, 2026.
The newly listed company holds approximately 473 million XRP tokens alongside roughly $300 million in gross cash proceeds from the transaction, positioning it as one of the more crypto-asset-heavy entrants to Nasdaq in recent memory. The deal structure followed the special-purpose acquisition company model, a route that has become a common path for crypto-adjacent firms seeking public-market access without a traditional initial public offering.
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The scale of Evernorth's XRP holdings raises the company's profile at a time when digital assets are drawing renewed scrutiny and interest from institutional investors. XRP, the token associated with Ripple's payment network, has been the subject of prolonged regulatory debate in the United States, making Evernorth's Nasdaq debut a closely watched event in both traditional finance and cryptocurrency circles.
The combination of a significant digital-asset reserve and a meaningful cash cushion suggests the company may be positioning itself as a treasury or infrastructure vehicle for XRP-related financial services, though specific operational plans were not detailed in the announcement. The San Francisco-based firm's public listing marks a notable milestone for XRP's integration into mainstream capital markets.
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