Evernorth lists on Nasdaq with a 473 million XRP treasury

Evernorth, a company set up to hold XRP, started trading on Nasdaq on October 12 under the ticker XRPN. It owns about 473 million XRP. The listing makes it the largest public company built around the token.

The debut followed a merger with Armada Acquisition Corp. II, a shell company sponsored by Arrington XRP Capital Fund. Evernorth set out the structure in an October 1 filing with the Securities and Exchange Commission. Shares rose as much as 5 percent on the first day, according to Cointelegraph, which cited Yahoo Finance data.

Evernorth belongs to a fast-growing group of firms that raise money and hold it in a single crypto asset. The model was made famous by Bitcoin buyers such as Strategy, and these treasury companies have multiplied this year. Evernorth is the first built purely around XRP. XRP is the token tied to Ripple and its payment network, and unlike a stablecoin its price moves freely.

The first day was choppy. Cointelegraph reported a gain of as much as 5 percent, while CoinGape said the stock opened around 17 percent higher before giving most of it back. Reports differ on where it closed. Armada's own shares had run up about 273 percent in the week before the vote, closing at $39.42 on October 3, FinanceFeeds reported, citing CoinDesk. The merger had been due to finish on October 7 but slipped to October 9 after what FinanceFeeds called an administrative delay.

What the company holds

At XRP's price of about $1.39 on October 12, the stack was worth roughly $657 million, according to CoinGecko data cited by Cointelegraph. FinanceFeeds put the value near $672 million, using a price of about $1.42 the same day. Either way, it is a large position. XRP is the fifth-biggest crypto asset by market value.

Cash is the catch. Evernorth raised about $300 million in gross proceeds before costs, FinanceFeeds reported, made up of roughly $225 million from private placements, $30 million from convertible notes and about $48 million from the Armada trust. When the deal was first announced, its backers floated more than $1 billion, including a $200 million commitment from Japan's SBI Holdings. Well short of a billion.

Where the XRP came from

Most of the treasury was handed over before the shares ever traded. RippleWorks, through the sponsor fund Arrington XRP Capital, supplied 211.3 million XRP, FinanceFeeds reported. Ripple itself put in 126.8 million XRP when the merger was signed. A group of advance investors added $214 million in cash, which bought 84.4 million XRP at an average of about $2.54 a token.

Those earlier buys now sit underwater. Evernorth's accounts show 346.3 million XRP bought for $846.6 million, later marked down to $348.8 million by June 30 after impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026, FinanceFeeds reported. The written-down value is less than half what the company paid. XRP trades well under those prices.

Who runs it

Asheesh Birla, a 12-year Ripple veteran, is Evernorth's founder and chief executive. In the October filing he called the registration statement's clearance "an important milestone toward completing our proposed business combination." He has said the firm wants an actively managed XRP treasury with the governance that public markets expect.

To run the money, Evernorth named Hugo Jeandesboz as chief investment officer. He was co-chief investment officer at Coinbase Asset Management. His role covers allocation, liquidity and active management of the XRP holdings, Cointelegraph reported.

What to watch

On its own, the listing adds no new demand for XRP. Most of the tokens were supplied before the shares traded, so the debut shifted ownership rather than buying. Birla has not committed to buying more XRP now that the company is public, FinanceFeeds reported. That gap is real.

XRP has since fallen. It slipped from about $1.53 at the end of September to near $1.42 by October 12, according to FinanceFeeds. For now the treasury is roughly fixed, and its worth rises or falls with one asset. Whether a public company built on a single token holds up is the open question.