Ripple-backed Evernorth Holdings made its Nasdaq debut under the ticker XRPN following a SPAC merger, closing its first trading session down 1.05% at $16.91 despite holding a $648 million XRP treasury.
Stock Fluctuates Following SPAC Merger
Evernorth went public on Nasdaq after completing a merger with Armada Acquisition Corp. II on October 9. Filings submitted to the SEC show that holders of 80.3% of the SPAC’s redeemable shares elected to cash out prior to the transaction's closing.
During Monday's debut trading session, XRPN shares rallied to an intraday peak of $19.38 before dropping to $16.39. The stock eventually settled at $16.91 with nearly 1.29 million shares traded. Meanwhile, XRP fell 3.03% over 24 hours to $1.37, even as institutional engagement continues across derivatives and products like XRP spot turnover on Binance.
Treasury Structure and Key Takeaways
Evernorth entered the public stock market holding approximately 473 million XRP, valued at roughly $648 million at Monday's $1.37 token price, alongside approximately $300 million in gross cash proceeds before expenses. According to regulatory disclosures, much of Evernorth's treasury was formed by investors contributing existing XRP in exchange for corporate equity, meaning purchases of XRPN stock on Nasdaq do not automatically create direct buy pressure on spot market crypto exchanges.
Key details from the listing include:
- Evernorth Holdings closed its first day on Nasdaq down 1.05% at $16.91 after reaching a high of $19.38.
- Shareholders redeemed 80.3% of Armada Acquisition Corp. II's redeemable shares prior to the October 9 merger.
- The company controls 473 million XRP worth $648 million, plus $300 million in gross cash proceeds.
- Spot XRP ETFs pulled in $11.31 million in net weekly inflows, alongside institutional developments like Ripple RLUSD custody solutions.
Why It Matters
Evernorth’s public listing marks an attempt to adapt MicroStrategy's corporate treasury model to major altcoins. CEO Asheesh Birla stated that the team intends to execute strategies designed to "grow XRP per share over time." However, the heavy 80.3% redemption rate ahead of the merger highlights persistent caution among traditional investors regarding equity proxies for digital assets. Whether XRPN creates genuine price support for XRP will depend on whether Evernorth deploys its $300 million in gross cash proceeds into open-market token acquisitions.
