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

Evernorth’s Nasdaq Launch and the XRP Shortfall

Evernorth (ticker XRPN) began trading on the Nasdaq after its SPAC merger with Armada Acquisition Corp. II closed on October 9, 2026. The company entered the market holding roughly 473 million XRP and $300 million in cash. However, the XRP portion of its treasury is now valued at about $677 million, a ~40% drop from the $1.03 billion it originally spent to acquire the tokens. The decline reflects XRP’s price falling from $2.37 at signing to a $1.43 reference price at closing.

A Thin Float and Volatile Share Price

Armada’s shareholders largely redeemed their SPAC shares—about 80.3% (roughly 18.5 million shares) – pulling $195 million from the deal. This left a float of only ~4.5 million shares, making the stock highly sensitive to small trades. The share price spiked to $53 briefly, settled around $39.42, then slid to $17.09 by the merger’s close. On its first day as XRPN, the stock hovered near $19 before ending around $16.64.

Ownership Structure and Lock‑Ups

Post‑merger, SBI Holdings holds 39.9% of voting shares, Arrington Capital’s fund controls 19.9%, and Ripple co‑founder Chris Larsen is linked to 9.9%. Ripple and its affiliates are capped at 9.9% voting power and are subject to a six‑month lock‑up that prevents sales until April 2027. The XRP treasury was assembled mainly from token swaps: Arrington contributed ~211 million XRP, Ripple ~127 million, the Larsen‑linked trust ~50 million, and the company bought ~84 million at an average price of $2.53.

Strategy Beyond Holding Tokens

Evernorth aims to be more than a passive holder. It plans to generate yield through DeFi lending and trading, run validators on the XRP Ledger, and otherwise increase the XRP backing each share. To spearhead this effort, the firm hired Hugo Jeandesboz, former co‑CIO of Coinbase Asset Management, as head of strategy. The company also issued warrants (ticker XRPNW) giving holders the right to purchase shares at $11.50.

What This Means for Crypto‑Backed Public Companies

Evernorth joins a growing class of Digital Asset Treasuries (DATs)—public firms whose primary asset is a cryptocurrency. Their valuation hinges on the market‑to‑net‑asset value (mNAV) ratio. When mNAV falls below 1, raising new capital dilutes existing shareholders, as each share represents a smaller slice of the crypto holdings. Evernorth’s current mNAV is below 1, highlighting the dilution risk when token prices decline.

Bottom Line

Evernorth’s debut illustrates the double‑edged nature of crypto‑backed listings: while the structure offers investors exposure to XRP without a wallet, it also subjects the stock to the volatility of the underlying token and to liquidity challenges from a thin public float. Investors should monitor XRP’s price trajectory, the company’s DeFi yield‑generation progress, and upcoming lock‑up expirations before committing capital.