XRP’s next Wall Street expansion comes with an unexpected complication from Ripple
Evernorth plans to begin trading on Nasdaq as XRPN after completing its merger with Armada Acquisition Corp. II. The company holds about 473 million XRP and raised roughly $300 million, with backing from Ripple, SBI Group and other investors. CEO Asheesh Birla says Evernorth will actively deploy capital in XRP Ledger infrastructure and financial applications, seeking yield and growth in XRP per share rather than relying solely on token price gains. Its holdings will be accounted for at historical cost less impairment because management considers Ripple a related party, so price recoveries may not appear as gains in reported earnings. This could make financial results and book value harder to compare with crypto firms using fair-value accounting.
