Evernorth (@evernorthxrp) has made its Nasdaq debut under $XRPN after completing its merger with Armada Acquisition Corp. II. The company entered public markets holding approximately 473 million XRP and roughly $300 million in gross proceeds before transaction costs.

Shares began trading on Monday, giving investors with a regular brokerage account a way to gain exposure to XRP without opening a crypto wallet. Armada II was a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP. Evernorth expects to ring the Nasdaq closing bell on October 14, 2026.

What XRPN offers investors

Buying XRPN is not the same as buying XRP outright. Investors own shares in Evernorth, rather than XRP itself. The share price will reflect the value of its holdings, alongside business expenses and investor confidence in management, so it may move differently from the token.

Evernorth's own filings make a similar distinction. The company says it is designed to offer exposure to XRP's role in evolving financial infrastructure through active treasury management, not passive price exposure alone. Unlike ETFs, Evernorth says it intends to grow its XRP per share through institutional and DeFi yield strategies, ecosystem participation and capital markets activities.

Redemptions and treasury value

The debut came with some caveats. Roughly 80.3% of Armada II's public shareholders redeemed their shares, withdrawing about $195 million before the merger closed. FXStreet reported that the XRP holdings were valued at about $639 million at current prices, well below the $1 billion in funding initially announced, with XRP having been bought at $2.37 when the deal was signed.

Evernorth has strong institutional backing. Investors include Ripple, Pantera Capital, Kraken, SBI Group and Arrington Capital, according to Brave New Coin. Evernorth was incorporated in Nevada in August 2025 as a Ripple subsidiary and formed as a vehicle for investment in XRP through public equity markets, according to a proxy filing.

Analysts caution against assuming the listing will lift the token. Traders should watch what Evernorth actually buys in the coming weeks rather than assume a strong XRPN debut will automatically lift XRP.

Sources:

Yahoo Finance (via Decrypt): Ripple-Backed Evernorth Hits Nasdaq
Investing.com: Evernorth completes SPAC merger, to trade on Nasdaq as XRPN
FXStreet: Ripple-backed Evernorth goes live on Nasdaq