Evernorth's 473 Million XRP Treasury Set for Nasdaq Debut as XRPN

Evernorth's 473 Million XRP Treasury

Evernorth, the Ripple-backed digital asset treasury, is one trading day away from completing its merger with Armada Acquisition Corp. II. The deal is expected to close on Wednesday, October 7, with the combined company possibly starting to trade on Nasdaq under the ticker XRPN as early as Thursday, October 8. The SPAC route, a merger with an already listed shell company, skips a traditional initial public offering. At closing, Evernorth expects its treasury to hold about 473 million XRP, which would make it the largest publicly traded XRP treasury to date. That stake is worth about 37% less than it was when the agreement was signed, a measure of how far the token has cooled. Investors are not waiting for the debut to price it in. Armada's shares, already listed under XRPN, closed Monday at $38.65, up 142.02% across five sessions. The XRP price itself sits near $1.51, down 1.36% over the past day, so the listing opens a regulated equity route into the asset at a moment when its spot market has stalled. A listed treasury of this type gives stock-market investors exposure to the token without direct custody, effectively converting private accumulation into a public balance sheet. Institutional flows through exchange-traded funds tell a steadier story. Spot XRP ETFs have now posted net inflows for 12 consecutive weeks, adding $4.74 million last week, a slowdown from the $75.6 million taken in the prior week, per SoSoValue fund-flow data. The contrast with the rest of the fund complex is sharp: since mid-July, Bitcoin ETF flows and Ethereum ETF flows have each turned negative in 3 separate weeks, while Hyperliquid (HYPE) funds have logged 4 such weeks. Longer-horizon institutional targets stay ambitious, among them Standard Chartered's $12.50 XRP target for 2028.

Binance and Upbit Shed 104.7 Million XRP

Behind the headline listing, exchange balances are thinning at a steady pace. Binance held 2.704 billion XRP on September 26, and by October 4 that balance had slipped to 2.631 billion. The venue's XRP balance had already been drifting lower through late September. Upbit shed another 31.6 million XRP between September 11 and October 5. Taken together, the two venues released roughly 104.7 million tokens from their exchange reserves in under a month. Both venues sit among the largest listing points for the asset, so the drain removes sell-side inventory that could otherwise cap advances. The composition of the outflows matters as much as the size. On Binance, Whale Outflow Dominance, the share of withdrawals attributable to large holders, reached 84.2% on September 29, while retail accounts contributed just 15%. Transfers of that size point to tokens moving into self-custody or over-the-counter deals rather than to ordinary traders cashing out. Analyst Amr Taha flagged the pattern in CryptoQuant's reserve data as evidence that exchange-side supply is contracting. A separate cohort of large holders is moving the other way. Addresses holding between 10 million and 100 million XRP owned 13.8 billion tokens on October 6, up from 12.48 billion on September 6, with most of the increase arriving in one jump around September 24. That is about 1.32 billion tokens added inside a month, concentrated in a handful of wallets. None of this buying has lifted mood. The bullish-to-bearish ratio for XRP on social platforms dropped to 0.67 at the start of October, the lowest since August 17, and the firm behind the metric cautions that heavy pessimism can set up a contrarian rebound without promising one. Large holders accumulating while retail leans bearish has often marked the quiet phase before a market turns, though the pattern is a tendency, not a rule.

$1.53 Breakout Level in Focus

The two threads read as one: demand is consolidating away from trading venues while sentiment sits at multi-week lows. Leverage has not caught up with the rally: XRP open interest on Binance, a count of outstanding futures positions, stands at $516.6 million, far below the $1.3 billion recorded in October 2025. Our XRP technical analysis frames the near term simply: a four-hour close above $1.53 opens a path toward $1.62, and Peter Brandt's $1.6572 breakout line sits just above that band. Catalysts stack quickly from here: Evernorth's Nasdaq debut, Ripple's Swell conference and the Federal Reserve's October 27 to 28 meeting. Whether the accumulation resolves into a fresh bull market leg depends on the large-holder cohort keeping its share.