Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid

In brief

• Evernorth began trading on Nasdaq under the ticker XRPN on Monday after closing its merger with SPAC Armada Acquisition Corp. II on October 9, holding about 473 million XRP and $300 million in gross cash.
• About 80.3% of Armada's public shareholders redeemed their shares for roughly $10.58 each, pulling about $195 million out of the deal and leaving a thin float that sent the stock as high as $53 before the close.
• XRP fell from $2.37 when the deal was signed to a $1.43 reference price at closing, valuing Evernorth's treasury at roughly $677 million versus the more than $1 billion it originally raised.

Evernorth, the Ripple-backed company built to stockpile XRP, started trading on the Nasdaq on Monday under the ticker XRPN, giving anyone with a regular brokerage account a way to bet on the cryptocurrency without ever opening a crypto wallet.

The listing caps a merger with Armada Acquisition Corp. II that closed on Friday. Armada was a SPAC, short for special purpose acquisition company: a listed shell with no business of its own that raises cash, parks it in a trust, and waits to merge with a private firm that wants to skip a traditional IPO.

Evernorth enters public markets holding roughly 473 million XRP and about $300 million in gross cash. At the $1.43 XRP reference price used in the deal's closing filing, that stash is worth about $677 million.