Evernorth, a treasury company for @Ripple's native token, began trading on Nasdaq today under the ticker $XRPN. The company says it holds about 473 million $XRP, which it describes as the lar
Evernorth, a treasury company for @Ripple's native token, began trading on Nasdaq today under the ticker $XRPN. The company says it holds about 473 million $XRP, which it describes as the largest publicly traded pure-play XRP treasury.
According to Cointelegraph via TradingView, shares rose as much as 5% in early trading on Monday, citing Yahoo Finance data. The same report values the holdings at about $657 million.
Evernorth went public by merging with Armada Acquisition Corp. II, a special purpose acquisition company (SPAC). Evernorth completed the merger on Friday, entering public markets with approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses, according to Crypto Briefing. Armada is sponsored by Arrington XRP Capital Fund.
The path was not entirely smooth. Evernorth had initially planned to list on October 8, but administrative issues delayed the closing process. The headline figure of more than $1 billion refers to total proceeds from the transaction and accompanying private placements. According to Dealroom, gross cash proceeds before expenses come to roughly $300 million, made up of about $225 million from private placements, $30 million in convertible note financing and $48 million from Armada II's trust account.Some investors also funded the deal with XRP.
The 473 million figure is not a single open-market purchase. The Crypto Times reports that the amount is the closing balance disclosed in transaction documents, and that the purchased portion is about 18% of the total.
Evernorth positions itself as an active treasury rather than a passive holder. In company filings with the SEC, it says that unlike ETFs, it intends to actively grow its XRP per share through a mix of institutional and DeFi yield strategies, ecosystem participation, and capital markets activities. The company has also named Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, as chief investment officer, according to the TradingView report.
Buying $XRPN is not the same as owning $XRP. Public investors hold Evernorth stock rather than XRP directly, tying returns to the company's capital structure and execution alongside the token's performance. CryptoRank notes that its shares could trade at a premium or discount to the value of the underlying XRP treasury, depending on investor expectations.
Evernorth also expects to ring the Nasdaq closing bell on October 14, according to Crypto Briefing. Whether the listing proves bullish for $XRP will depend on investor demand for the stock and how the company reports its holdings and yield returns.
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