Evernorth is preparing for its Nasdaq debut on October 8 with 473 million XRP on its balance sheet. Shareholders approved the company's merger on September 30, but these coins are currently trading 37% below the price set at the time of the deal signing. XRP is the fifth-largest cryptocurrency by market capitalization. Evernorth offers shareholders the opportunity to participate in this token through shares, without the option of direct coin purchase.
Evernorth – is a treasury company whose main business is holding a single token. It is merging with Armada Acquisition Corp. II, a Nasdaq shell company created to take companies public. The deal was signed in October 2025. At that time, the 126.8 million XRP contributed by Ripple were valued at approximately $2.37 per coin. Today, XRP is trading at $1.49. At the signing price, 473 million XRP would have been worth about $1.1 billion. At the current price, their value is approximately $705 million. Most of this amount was never purchased on the open market: Ripple and related parties transferred about 388 million XRP in exchange for shares.
The deal also adds about $300 million in cash before deductions. Part of these funds will be used to purchase additional XRP. Evernorth also plans to actively work with tokens, aiming to increase the capital behind each share. “The public offering will provide investors with a regulated, transparent way to own XRP and the opportunity to participate in the growth of the blockchain economy,” – noted Ashish Birla, founder and CEO of Evernorth. The deal's closure on October 7 depends on the fulfillment of final conditions, and trading under the ticker XRPN still requires Nasdaq approval. However, 473 million coins represent approximately 0.75% of the total circulating supply of XRP at 63.1 billion. On October 8, the stock market will set its price on this stake.
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