Evernorth Goes Public on Nasdaq Holding 473M XRP Tokens
Evernorth Holdings completes a SPAC merger with Armada Acquisition Corp. II, debuting on Nasdaq under XRPN with roughly $300M in cash.
Evernorth Holdings, Inc. completed its business combination with Armada Acquisition Corp. II, vaulting the company onto the Nasdaq stock exchange under the ticker symbol XRPN beginning October 12, 2026. The transaction marks a significant milestone for the firm as it enters public markets backed by a substantial digital-asset position.
At the time of the merger's close, Evernorth reported holding approximately 473 million XRP tokens alongside roughly $300 million in gross cash proceeds — a balance sheet configuration that distinguishes the company from most traditional SPAC-merger graduates and underscores the growing intersection of cryptocurrency holdings and public equity markets.
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The deal was structured through Armada Acquisition Corp. II, a special-purpose acquisition company, a vehicle that has remained a viable pathway to public markets even as overall SPAC activity has cooled from its 2021 peak. Evernorth's XRP-heavy treasury could draw scrutiny from investors and regulators alike, given the ongoing evolution of U.S. digital-asset policy.
The San Francisco-based company's debut on Nasdaq represents one of the more notable public listings tied directly to XRP holdings, a cryptocurrency issued by Ripple Labs. Market participants will be watching early trading sessions closely to assess how investors price a company whose value proposition is so closely tethered to a single digital asset.
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