Evernorth, a Ripple-backed digital asset treasury, began trading on Nasdaq under ticker XRPN on Monday after closing its merger with SPAC Armada Acquisition Corp. II on October 9. The company holds approximately 473 million XRP and $300 million in gross cash.
The stock opened at $16.64 midday on its first trading day, well below the intraday high of $53 reached on October 2, before the merger closed. The October 9 closing price was $17.09. Evernorth plans to ring the Nasdaq closing bell on October 14.
Shareholder Composition and Lock-Up Terms
SBI Holdings, the Tokyo-listed financial group, controls 39.9% of Evernorth’s voting shares. Arrington Capital’s fund holds 19.9%, while Chris Larsen, Ripple’s co-founder, is tied to 9.9% of voting shares, a figure capped for Ripple affiliates. The lock-up period for Ripple, the Larsen-linked trust, and Arrington’s fund expires in April 2027.
Redemptions significantly reduced the public float. Of Armada’s public shareholders, 80.3% redeemed their shares at $10.58 per share, pulling $195 million from the trust. This left only 4.5 million original public shares outstanding, compared to 18.5 million shares held by redeeming shareholders.
XRP Sourcing and Pricing Pressure
Evernorth’s XRP holdings came from multiple sources. Arrington’s fund contributed 211 million XRP, Ripple handed over 127 million, and a Larsen-linked trust added 50 million. The company spent approximately $947 million buying 84 million XRP in late October 2025, paying an average of $2.53 per token using early funding of $214 million.
The treasury has faced valuation headwinds. When the deal was signed in October 2025, XRP was priced at $2.37. By the October 9 closing, the reference price had fallen to $1.43, a 40% decline. At that $1.43 price, Evernorth’s XRP holdings were valued at $677 million. XRP peaked at $3.65 in July 2025; the October 9 closing price sits 61% below that level.
By February, the XRP pile was worth $446 million less than what Evernorth paid for it.
Management and Strategy
Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, was named to run Evernorth’s strategy on Monday. Michael Arrington, in the merger announcement, said Evernorth would bring “scaled capital, active participation and the standards of a public company” to XRP infrastructure build-out.
Evernorth is structured as a digital asset treasury, a category pioneered by MicroStrategy with Bitcoin. The company plans to earn yield through DeFi applications and run validators on the XRP Ledger. DATs operate on mNAV, a metric dividing stock market value by crypto holdings value; readings above 1 allow premium share sales to buy more tokens, while readings below 1 cause dilution.
Warrants trading under XRPNW carry a strike price of $11.50.
