Evernorth Lists XRPN on NASDAQ With a $450 Million XRP Treasury Markdown

XRPN Opens on NASDAQ After Armada Merger

Evernorth Holdings, the largest publicly traded fund built on XRP, opened for trading on NASDAQ on Wednesday under the ticker XRPN, completing its merger with the SPAC platform Armada Acquisition Corp. II. A SPAC is a shell company that lists first and merges with an operating business later, letting the target reach public markets without a conventional IPO. Management rang a symbolic closing bell at 4:00 p.m. New York time, a ceremony the team announced in advance in an official post on X. The listing hands Wall Street its biggest exchange-traded vehicle dedicated to holding and deploying the token behind the XRP Ledger. The structure is deliberately unlike a spot ETF: instead of passively custodied coins, Evernorth runs an actively managed balance sheet and intends to route its fiat capital and XRP reserves into DeFi strategies and institutional lending inside the XRP Ledger ecosystem, aiming to lift the amount of XRP attributable to each share over time. In practice that means on-chain exposure through dApps and credit lines whose returns are quoted as APY, so the per-share XRP count grows from deployment income as well as from market moves. The people running it come from inside the industry: Asheesh Birla, previously a Ripple executive, and Hugo Jeandesboz, formerly chief investment officer at Coinbase Asset Management, lead the strategy. One structural note for readers comparing products: XRPN is an equity listing, not a tokenized stock and not an ETF wrapper, so it trades under exchange securities rules, and its value tracks both the XRP price and management's ability to put the treasury to work. It also joins the small cohort of listed vehicles we follow in our XRP treasury coverage.

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Official post on X.

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80.3% of Armada Shareholders Took the Cash

The cost of the drawn-out deal now sits on the opening balance sheet. Terms were fixed in late 2025 with XRP at $2.37, and the token's slide into the $1.34–$1.40 range leaves the starting treasury, 473 million XRP plus roughly $300 million in cash, carrying an on-paper markdown near $450 million. The figure is unrealized: it only crystallizes if the treasury sells, and no sale program has been disclosed, so it stands as an accounting overhang rather than a booked loss. Caution went beyond valuation: when Armada's original shareholders were offered the choice, 80.3% redeemed for cash at $10.58 per share instead of holding the crypto vehicle, and XRPN's actual free float on NASDAQ shrank to about 4.5 million shares. SPAC redemptions return cash to holders before the merger closes, so every redeemed share removed potential sell pressure but also removed potential support. A float that thin invites violent moves, with visible slippage on either side of any sizable order, meaning the ticker will likely exaggerate whatever the token does next. Ownership is concentrated in industry hands, per SEC disclosures: Japan's SBI Holdings holds the largest block at 39.9% of voting shares, venture firm Arrington Capital holds 19.9% after contributing 211 million XRP, Ripple co-founder Chris Larsen controls 9.9% through a trust, and Ripple Labs is capped at 9.9% while adding 177 million XRP to the balance sheet. We walked through that structure when the 8-K on SBI Holdings' Evernorth stake surfaced; the 39.9% gives the Japanese financial group, a longtime digital-asset operator, effective control of the vote. To prevent an immediate insider supply wave, the SEC attached six-month lock-ups to the Arrington, Larsen and Ripple positions, barring open-market sales until April 2027.

Why No New Buying Hit the Exchanges

Debut day produced none of the exchange demand that bulls had priced in, because Evernorth accumulated its entire XRP position over the counter before the merger, so no fresh bid reached spot markets when the ticker went live. The token instead traced a sell-the-news path: a speculative push above $1.55 into the listing, a retreat to the $1.34–$1.36 range earlier this week, and a Wednesday session holding the $1.34–$1.40 band. Our reading is that XRPN, with insiders locked up until April 2027 and only 4.5 million shares floating, will trade as a high-beta mirror of XRP sentiment rather than a source of new demand for the token itself. XRP technical analysis keeps the $1.34 area as the near-term line to defend, and the unrealized losses sitting with ETF buyers add a second overhang to clear before any durable rebound.