Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid
Ripple-backed Evernorth began trading on Nasdaq as XRPN after completing its merger with SPAC Armada Acquisition Corp. II. It holds about 473 million XRP and $300 million in gross cash, but the XRP reserve is worth roughly $677 million at the deal’s $1.43 reference price—well below the value implied when the merger was announced, after XRP fell sharply. About 80% of Armada public shareholders redeemed their shares, leaving a small float and contributing to volatile trading. SBI Holdings holds 39.9% of voting shares, with Arrington Capital and a Chris Larsen-linked trust also significant holders. Evernorth plans to grow its XRP holdings per share through DeFi yield strategies and XRP Ledger validator operations, led by newly appointed investment executive Hugo Jeandesboz.
