By Isaac • October 13, 2026 8:02 am •
Evernorth has made its Nasdaq debut with one of the largest corporate XRP positions in the market—and a much thinner shareholder base than its original deal envisioned.
The Ripple-backed treasury company began trading under the ticker XRPN after completing its merger with Armada Acquisition Corp II. It arrived with roughly 473 million XRP and about $300 million in gross cash.
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That gives stock-market investors a new way to take concentrated exposure to the fourth-largest cryptocurrency without holding tokens directly.
But the closing numbers tell a more complicated story. According to Decrypt, 80.3% of Armada’s public shareholders redeemed their shares before the merger closed.
Those investors pulled roughly $195 million from the transaction, leaving only about 4.5
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