Evernorth Holdings, described as the largest publicly traded fund built on XRP, opened for trading on NASDAQ on Wednesday under the ticker symbol XRPN, completing its merger with the special purpose acquisition company (SPAC) Armada Acquisition Corp. II.

The transaction followed the standard SPAC structure, in which a shell company lists on a public exchange first and merges with an operating business, providing an alternative route to public markets that bypasses a traditional initial public offering. With the merger finalized, Evernorth's shares now trade under the XRPN ticker.

According to the report, the newly listed company holds a $450 million XRP treasury.

For context, XRP is the native digital asset of the XRP Ledger, a blockchain built to enable fast, low-cost payments. In recent years, publicly listed digital asset treasury companies — firms that hold cryptocurrencies such as Bitcoin, Ether, or XRP on their balance sheets — have become a prominent feature of the crypto industry. Evernorth's NASDAQ debut places a large, XRP-focused vehicle within that category.

The structure of the listing is what sets it apart for public-market participants: rather than buying XRP directly, investors can take a position in a NASDAQ-listed company whose balance sheet is reported to hold $450 million of the token, a setup comparable to that of the Bitcoin and Ether treasury firms already trading on public exchanges. As with other digital asset treasury companies, the details to watch as trading begins are Evernorth's disclosures around its XRP holdings, since the reported $450 million treasury sits at the center of the newly listed shares.

This article was first published on COINOTAG: Evernorth Lists XRPN on NASDAQ With a $450 Million XRP Treasury Markdown