Evernorth XRPN Nasdaq Debut: Inside the 473M XRP Treasury

The largest public company built entirely around XRP is about to start trading. Shareholders of Armada Acquisition Corp. II approved its merger with Evernorth on September 30, 2026, clearing the way for the company to list on Nasdaq under the ticker XRPN on October 8. At closing, Evernorth expects to hold about 473 million XRP.

• Vote: Armada Acquisition Corp. II shareholders approved the merger on September 30, 2026.
• Listing: trading on Nasdaq as XRPN is expected on October 8.
• Holdings: approximately 473 million XRP at closing.
• Funding: over $1 billion in total, including about $300 million in gross cash.

What Is Evernorth?

Evernorth is a digital asset treasury company: a public company whose main business is holding and growing a reserve of one crypto asset, in this case XRP, the native token of the XRP Ledger. It is led by founder and CEO Asheesh Birla, a former Ripple executive. Decrypt reports that the company plans to grow its XRP holdings per share through yield strategies, ecosystem participation and capital-markets activity.

Birla said going public will offer investors a regulated, transparent way to own XRP exposure and take part in the growth of the blockchain economy.

How Is the Evernorth Deal Funded?

According to Decrypt, the transaction and related private placements raise over $1 billion in total value. The gross cash portion of about $300 million breaks down as:

• $225 million from private placements.
• $30 million in convertible notes.
• About $48 million in proceeds from the SPAC trust.

The balance comes from XRP contributed to the company. Backers named by Decrypt include Ripple, Pantera Capital, Kraken, SBI Group, GSR and Arrington Capital. Unchained reported the vote result and confirmed the Nasdaq timeline the following day.

Why Do Crypto Treasury Companies Exist?

Many investors cannot or prefer not to hold tokens directly. A listed treasury company lets them get exposure through an ordinary brokerage account, inside the reporting and disclosure rules that apply to public companies. The model has spread across several assets over the past two years.

For the XRP Ledger, a dedicated Nasdaq-listed holder adds another bridge between traditional markets and the network, which has been growing in areas like tokenized real-world assets.

What Should Investors Keep in Mind?

Treasury company shares can trade above or below the value of the crypto they hold, and they carry company-specific costs and risks on top of XRP's own volatility. Read the company's filings before deciding anything. This article is not investment advice. Follow the XRPN debut and more in our crypto section.

Sources: Decrypt — October 1, 2026; Unchained — October 2, 2026; GuruFocus — October 1, 2026.