Ripple-backed Evernorth began trading on Nasdaq under the ticker XRPN on Monday, two days after completing its merger with SPAC Armada Acquisition Corp. II. The company entered the public markets holding approximately 473 million XRP and $300 million in gross cash.

The transaction closed on October 9, according to Nasdaq. It gives investors with a traditional brokerage account exposure to XRP without requiring them to open a cryptocurrency wallet.

Armada’s public shareholders redeemed about 80.3% of their shares, or approximately 18.5 million shares, for roughly $10.58 each. The redemptions removed about $195 million from the transaction and left approximately 4.5 million original public shares in circulation.

The limited float contributed to sharp price movements before the merger closed. XRPN reached an intraday high of $53 on October 2 and ended that day at $39.42. The stock later fell to $17.09 on October 9, the day the merger was completed. On Evernorth’s first trading day, it briefly moved toward $19 before declining to $16.64 by midday, according to Yahoo Finance data. Because Evernorth’s treasury is denominated in XRP, its share price reflects both the token’s market value and company-specific factors such as the limited float.

Armada was a special purpose acquisition company, or SPAC—a publicly listed shell that raises money, places it in a trust and later merges with a private company seeking an alternative to a traditional initial public offering.

At the $1.43 XRP reference price used in the transaction’s closing filing, Evernorth’s XRP holdings were worth approximately $677 million. That valuation was substantially below the more than $1 billion in funding the company highlighted when it announced the transaction in October 2025. The merger documents valued XRP at $2.37 when the deal was signed, meaning the token had fallen by roughly 40% by the closing date.

Evernorth spent approximately $947 million to purchase XRP in late October 2025. By February, those holdings were worth about $446 million less than the purchase price. XRP reached an all-time high of $3.65 in July 2025, making the $1.43 closing reference price approximately 61% below that peak.

The closing filing is available through the U.S. Securities and Exchange Commission.

Evernorth is part of the digital asset treasury, or DAT, sector. These publicly traded companies primarily hold a cryptocurrency and raise capital to acquire more of it. Strategy, formerly known as MicroStrategy, pioneered the approach with Bitcoin. Evernorth says it is now the largest publicly traded company focused on XRP, the native token of the XRP Ledger.

DAT companies commonly track a measure known as mNAV, or market-to-net-asset value. The ratio compares a company’s market capitalization with the value of the cryptocurrency it holds. When the ratio is above 1, a company may be able to issue shares at a premium and use the proceeds to purchase additional tokens. When it falls below 1, raising capital can dilute existing shareholders because each share represents a smaller ownership interest in the company. For a newly listed treasury company such as Evernorth, the ratio offers a way to compare its Nasdaq share price with the value of the tokens on its balance sheet.

The large-scale redemptions by Armada shareholders were the SPAC investors’ contractual right to return their shares for cash held in the trust. Their departure left a small trading float, meaning the pool of shares available to public investors, and allowed relatively small orders to cause large price swings.

Tokyo-listed financial group SBI Holdings now controls 39.9% of Evernorth’s voting shares, according to the filing. The fund affiliated with Arrington Capital, which sponsored the SPAC, holds 19.9%, while Ripple co-founder Chris Larsen is associated with 9.9%. Ripple and its affiliates are subject to a 9.9% cap on voting power.

Ripple, a Larsen-linked trust and Arrington’s fund also agreed to six-month lock-up periods preventing them from selling their shares until April 2027, the earliest point at which those large stakes can reach the open market.

Most of Evernorth’s XRP treasury came from existing holders exchanging tokens for stock. Arrington’s fund contributed approximately 211 million XRP, Ripple contributed about 127 million, and the Larsen-linked trust contributed 50 million. An additional roughly 84 million XRP was purchased at an average price of $2.53 using $214 million in early funding.

Evernorth plans to pursue more than a passive holding strategy. The company said it intends to generate yield through decentralized finance, or DeFi, applications that lend and trade crypto assets without a traditional bank intermediary. It also plans to operate validators—the computers that confirm transactions on the XRP Ledger—with the stated aim of increasing the amount of XRP supporting each share. Operating validators would place the company inside the ledger’s transaction infrastructure rather than limiting it to holding the asset.

On Monday, Evernorth appointed Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, to lead the strategy. Michael Arrington said in the merger announcement that Evernorth brings “scaled capital, active participation and the standards of a public company” to the institutional development of XRP’s infrastructure.

Evernorth plans to mark the listing by ringing Nasdaq’s ceremonial closing bell on Wednesday, October 14, two days after its shares began trading. Its warrants, which give holders the right to purchase shares for $11.50 each, trade separately under the ticker XRPNW.