Evernorth's Nasdaq Debut as XRPN to Test the XRP Treasury Model Beyond Bitcoin
Key Takeaways
- •Armada Acquisition Corp. II shareholders approved the merger with Evernorth on September 30, clearing the path for Nasdaq trading under the ticker XRPN to begin on October 8.
- •The merger and attached private placements generated more than $1 billion, and Evernorth expects to hold approximately 473 million XRP when the transaction closes on October 7.
- •Evernorth's investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and G, and the company plans an actively managed treasury that earns yield and seeks to increase XRP per share rather than passively holding tokens.
- •The listing marks a test of whether the digital asset treasury model, which is 80.3% concentrated in Bitcoin among 119 public firms holding over $134.7 billion in net asset value, can be applied to another major token.
- •The key figure to watch is the gap between XRPN's share price and the value of its XRP holdings, since falling token prices can erase share premiums and make financing more expensive.
Evernorth is set to begin trading on Nasdaq under the ticker symbol XRPN after shareholders of Armada Acquisition Corp. II approved the merger between the two companies on September 30.
In an announcement made on October 1, the company said the merger and the attached private placements generated more than $1 billion. The transaction is scheduled to close on October 7, with shares expected to start trading under the XRPN ticker on October 8.
For investors, XRPN provides an additional regulated path to gain exposure to XRP, the native token of the XRP Ledger, beyond direct ownership and spot exchange-traded funds. The listing also opens a live test of whether the digital asset treasury model, still dominated by Bitcoin, can be applied successfully to another major token. Treasury companies of this kind hold tokens on their balance sheets and typically fund additional purchases by issuing new shares.
A SPAC merger clears its final shareholder vote
Under the deal, Evernorth will merge with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC) backed by the Arrington XRP Capital Fund. Such mergers take a company public by combining it with an already-listed shell, offering an alternative to a conventional initial public offering. The parties signed a business combination agreement on October 19, 2025, with Ripple Labs, the blockchain payments firm most closely associated with XRP, included under the arrangement.
According to an SEC filing, Evernorth received the green light from the Securities and Exchange Commission on its Form S-4, which allowed Armada II to send the necessary merger documents to the relevant parties and put the deal to a vote.
Evernorth lists Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among its investors. The company expects to hold about 473 million XRP when the transaction closes.
An actively managed treasury, not a passive wrapper
Evernorth says it seeks to do more than simply keep its XRP holdings on the balance sheet. Its strategy includes earning yield, participating in the XRP ecosystem, and using capital-markets opportunities to increase the amount of XRP per share.
CEO Asheesh Birla has described the vehicle as an "actively managed $XRP treasury with the transparency and governance public markets demand," according to the SEC disclosure.
A healthy share price matters because it can give Evernorth the opportunity to raise additional funding and buy more XRP.
Institutions have already used spot ETFs to gain XRP exposure. Ripple has noted that about $1 billion in cumulative inflows had been collected by US XRP ETFs by December 16, 2025, and roughly $1.5 billion by early March 2026. Goldman Sachs has disclosed about $153.8 million across four products, according to Ripple's analysis.
Breaking a model still dominated by Bitcoin
Bitcoin remains the main focus of digital asset treasury trading. According to The Block's treasury tracker, a total of 119 public firms hold more than $134.7 billion worth of cryptocurrencies in net asset value. Bitcoin accounts for the largest share at 80.3%, or roughly $108.1 billion.
According to CoinShares, higher token prices reopened fundraising channels in September, allowing Strategy, the firm formerly known as MicroStrategy, to return to buying additional tokens — 4,603 BTC for approximately $369.7 million.
Why the flywheel can spin in reverse
That same model becomes less forgiving when crypto prices fall. Lower token prices can squeeze valuations, erase share premiums, and make financing more expensive. A study of Bitcoin treasury firms found strong Bitcoin exposure but no statistically significant abnormal returns after standard risk adjustments.
As Cryptopolitan noted, reflexivity "cuts both ways." Evernorth will enter the market carrying XRP's volatility alongside ordinary public-company risks. The real test is whether active management can create lasting value rather than simply magnify the swings.
When trading begins on October 8, one figure will be worth watching: the gap between XRPN's share price and the value of the roughly 473 million XRP it expects to hold at closing, a spread that shows whether the shares are trading at a premium or a discount to the tokens they represent.
