Evernorth Holdings started trading on the Nasdaq Stock Market under the ticker XRPN on October 12, 2026, following its business combination with Armada Acquisition Corp. II. The firm holds about 473 million XRP and has raised roughly $300 million in gross cash proceeds before transaction expenses.
Its warrants trade under the ticker XRPNW. Evernorth seeks to build its XRP treasury and actively manage these holdings to increase the amount of XRP per share over time, but the XRPN shares have seen large price swings, implying considerable risks.
1/4 Public markets, meet the XRP Ledger. Evernorth has completed its business combination with Armada Acquisition Corp. II. On Monday, our common stock is expected to begin trading on Nasdaq under the ticker $XRPN.
Not investment advice or an offer of securities. Contains forward-looking statements; actual results may differ materially. Risk factors: https://t.co/zkVF2SAjQw
— evernorthxrp (@evernorthxrp) October 9, 2026
Evernorth announced the completion of the business combination on October 9, having received approval from Armada II shareholders on September 30. The company has the reputation of numerous notable crypto and investment figures, including Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
Evernorth’s 473 million XRP holdings were built through a combination of contributions and purchasing. Transaction documents indicate that about 126.8 million XRP came from Ripple, while roughly 211.3 million was related to the sponsor. About 50 million XRP came from a Ripple-related entity, while Evernorth purchased about 84.4 million XRP for roughly $214 million, at an average price of $2.54 per token, and smaller contributions made up the balance.
Only about 18% of the total XRP holdings came from the reported purchases, while most of the tokens were contributed in exchange for equity. The 473 million figure represents the projected closing balance disclosed in transaction documents and not a market purchase.
The stock has seen a considerable amount of volatility, and according to data from MarketWatch, XRPN closed at $17.09 on October 9, falling $7.11, or 29.38%, from the previous close of $24.20. It traded between $16 and $21 during that session, with about 3.22 million shares changing hands.
Earlier in October, the stock had climbed considerably higher, reaching $53 on October 2 and closed that day at $39.42. On October 9, its closing price fell to $17.09, down about 68% from the October 2 high.
These prices represent the trading history of Armada’s shares prior to the business combination being completed. October 12 was the first trading session under the Evernorth structure, and the market price of XRPN shares does not reflect the price of XRP itself, but rather what investors are willing to pay for ownership in a company that holds and actively manages XRP.
On October 12, Evernorth announced Hugo Jeandesboz has joined the company as chief investment officer, having previously served as co-chief investment officer at Coinbase Asset Management, where he was responsible for investment strategies. He has also worked as a derivatives trader at Coinbase and traded interest-rate derivatives at HSBC in New York, and previously at Société Générale.
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