Evernorth, the Ripple-backed XRP treasury company, began trading on Nasdaq Monday under the ticker XRPN, holding roughly 473 million XRP and $300 million in gross cash after closing its merger with SPAC Armada Acquisition Corp. II on October 9. At the $1.43 XRP reference price in the deal's closing filing, that treasury is worth about $677 million — well below the more than $1 billion the company touted when it announced the deal in October 2025.

The gap tells the story. Merger documents priced XRP at $2.37 at signing; by closing, the token had lost roughly 40% of its value. Evernorth spent roughly $947 million buying XRP in late October 2025, and by February that position sat about $446 million underwater. The $1.43 closing reference price sits about 61% below XRP's all-time high of $3.65, reached in July 2025.

What does the listing change for investors?

It gives anyone with a brokerage account exposure to XRP without a crypto wallet. Evernorth says it is now the largest publicly traded company devoted to the token, following a playbook Strategy (formerly MicroStrategy) pioneered with Bitcoin. These vehicles, known as digital asset treasuries or DATs, raise money to buy and hold a single asset.

The model runs on a ratio called mNAV — market value divided by the value of the crypto held. Above 1, a DAT can issue shares at a premium and buy more tokens. Below 1, new raises dilute existing holders, leaving each share a smaller slice of the company. That arithmetic now governs Evernorth's ability to grow.

Redemptions gutted the float

About 80.3% of Armada's public shareholders, holding 18.5 million shares, redeemed for roughly $10.58 each, pulling about $195 million out of the trust before closing. Only about 4.5 million original public shares remained — a thin float that lets small orders swing the price sharply.

The tape shows it. XRPN touched an intraday high of $53 on October 2 and closed that Friday at $39.42, then slid to $17.09 by October 9. On its first day as Evernorth, the stock briefly approached $19 before fading to $16.64 by midday Monday, according to Yahoo Finance data.

Who actually controls the company?

Per the closing filing:

• Tokyo-listed SBI Holdings controls 39.9% of voting shares.
• Arrington Capital's fund, the SPAC sponsor, holds 19.9%.
• Ripple co-founder Chris Larsen is tied to 9.9%.
• Ripple and its affiliates are capped at 9.9% of voting power.

Ripple, a Larsen-linked trust and Arrington's fund signed six-month lock-ups barring sales until April 2027. Most of the treasury came from holders swapping tokens for stock: Arrington's fund contributed about 211 million XRP, Ripple handed over about 127 million, the Larsen-linked trust added 50 million, and roughly 84 million were purchased at an average of $2.53 using $214 million in early funding.

Yield, validators and a new hire

Rather than sitting on its tokens passively, Evernorth plans to earn yield through decentralized finance applications and to run validators — the computers that confirm transactions on the XRP Ledger — all aimed at increasing the XRP backing each share. On Monday the company named Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, to run that 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 build-out of XRP's infrastructure.

The company rings Nasdaq's ceremonial closing bell on Wednesday, October 14. Its warrants, exercisable at $11.50 per share, trade separately under XRPNW. Watch the April 2027 lock-up expirations and the mNAV ratio — both will set the pace at which Evernorth can raise fresh capital for its XRP treasury.