Crypto treasury firm Evernorth is scheduled to list on Nasdaq on October 8 under the ticker symbol XRPN following shareholder approval of its merger with Armada Acquisition Corp. II on September 30. However, the 473 million XRP held on the company's balance sheet has declined 37% in value since the transaction was agreed upon in October 2025.
Valuation Slide Ahead of Nasdaq Listing
The transaction values Evernorth's balance sheet at significantly lower levels than when the business combination was initially structured. When the deal was signed in October 2025, regulatory filings benchmarked Ripple's initial 126.8 million XRP contribution at $2.37 per token, evaluating the entire 473 million XRP treasury at approximately $1.1 billion.
With XRP currently trading at $1.49, the holdings are worth $705 million—a $414 million decline from the signing valuation. Most of the digital asset stack was not acquired via open-market purchases; instead, Ripple and an affiliated party contributed around 388 million XRP in exchange for equity shares. The total token treasury accounts for roughly 0.75% of XRP's 63.1 billion circulating supply.
Capital Structure and Treasury Strategy
Alongside its token reserve, the merger brings in approximately $300 million in gross cash before expenses. Evernorth intends to utilize a portion of these proceeds to purchase additional XRP on the open market while deploying its treasury assets into yield-generating and capital markets strategies.
"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," stated Evernorth founder and CEO Asheesh Birla. The formal transaction closing remains slated for October 7, subject to customary closing conditions and final Nasdaq approval. This corporate structure emerges as corporate crypto balance sheets continue to evolve, similar to how corporations are building dedicated crypto treasuries and Ripple expands institutional partnerships.
Key Takeaways
- Nasdaq Debut: Evernorth expects to trade under ticker XRPN on October 8 after closing its merger with Armada Acquisition Corp. II on October 7.
- Treasury Devaluation: The firm's 473 million XRP reserve is valued at $705 million at current $1.49 prices, down $414 million from its $1.1 billion signing value at $2.37 per token.
- Cash Injection: The deal provides $300 million in cash pre-expenses to acquire additional XRP, while its stack represents 0.75% of the token's 63.1 billion circulating supply.
Why It Matters
Evernorth's listing represents the first major single-asset XRP treasury vehicle targeting public equity markets, testing Wall Street's appetite for altcoin exposure outside traditional ETF structures. The $414 million paper loss highlights the structural risk SPAC-based crypto treasury companies face when navigating token market volatility during extended deal-closing windows. How XRPN trades relative to its net asset value (NAV) after launch will signal whether equity investors are willing to pay a premium for actively managed altcoin treasuries.
