Ripple-backed Evernorth started trading on Nasdaq on Monday under XRPN, holding roughly 473 million XRP and about $300 million in gross cash. The XRP holdings were worth about $677 million at the deal's $1.43 closing reference price, below the more than $1 billion originally raised. XRP lost roughly 40% of its value between the merger's signing and closing. About 80.3% of Armada Acquisition Corp. II's public shareholders redeemed shares, withdrawing roughly $195 million before the merger closed. Evernorth plans to generate yield through decentralized finance applications and run XRP Ledger validators to increase the XRP backing each share.