Evernorth Gets Nasdaq Approval With 473 Million XRP
Evernorth wants to offer XRP exposure on Nasdaq through the XRPN ticker, with 473 million tokens on its balance sheet. The value of that stash has already dropped sharply since the deal was signed.
Key Takeaways
- Evernorth is merging with Armada Acquisition Corp. II and is still waiting for final Nasdaq approval for a listing under the XRPN ticker.
- The company holds 473 million XRP, but that stash has lost about 37% of its value since the deal was signed.
- Evernorth wants to give investors XRP exposure through a publicly traded stock and also expects to bring in about $300 million in cash.
Evernorth is getting ready to go public on Nasdaq with 473 million XRP on its balance sheet, but that stash is now worth 37% less than it was when the deal was signed. Shareholders approved the merger on September 30, while the listing under the XRPN ticker is still waiting for Nasdaq's final approval.
Merger and Listing
The company is merging with Armada Acquisition Corp. II, a SPAC that brings companies to market through the stock exchange without a traditional IPO. Evernorth itself is a treasury company: a public-market vehicle whose main focus is holding one crypto token.
The deal was signed in October 2025. At the time, Ripple's contribution of 126.8 million XRP was valued at about $2.37 (€2.09) per coin. Today, XRP is trading around $1.49 (€1.31), according to the price data mentioned in the article.
Based on that signing price, 473 million XRP would have been worth about $1.1 billion (€1 billion). At the current price, that comes out to about $705 million (€621 million), a difference of roughly $414 million (€365 million).
What Investors Get
Evernorth gives stock investors a way to get XRP exposure without buying coins themselves. According to the company, the transaction will also bring in about $300 million (€264 million) in cash before fees, and part of that is supposed to be used to buy more XRP.
Most of the tokens were not bought on the open market. Ripple, the sponsor of the deal, and an affiliated party together transferred about 388 million XRP in exchange for shares, according to the prospectus.
The company also wants its XRP to keep working actively. Evernorth says it wants to look for yield and do capital markets deals to grow the amount of XRP behind each share. That fits into a broader trend where crypto companies are trying to offer regulated access to digital assets for institutional investors through the stock market. That institutional demand is also visible in the strong inflows into XRP ETFs, which show that investors are increasingly looking for exposure through regulated products.
Why This Matters for Europe
For European crypto followers, this is especially relevant because it shows how XRP is getting an extra entry point through the stock market. These kinds of structures can be interesting for investors who want crypto exposure but prefer to do it through a publicly traded stock instead of directly owning coins. At the same time, the lower XRP value shows that the timing of a listing like this still matters for the valuation of the underlying stash.
