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Evernorth debuts on Nasdaq as first publicly listed XRP treasury company

Evernorth Holdings launched on Nasdaq under the ticker XRPN following a SPAC merger, entering the public market with roughly 473 million XRP in its corporate treasury.

Evernorth company logo in white against a solid blue background.
Image: @Cointelegraph

Evernorth Holdings has completed its merger with Armada Acquisition Corp. II and debuted on Nasdaq under the ticker XRPN, becoming the first publicly listed pure-play XRP treasury company. The deal generated roughly $300 million in gross proceeds prior to transaction costs. Rather than buying XRP directly, the public listing provides traditional investors regulated exposure to the company's management of its cryptocurrency reserves.[3][5][6][8]

The stock saw volatile trading during its initial session. Shares rose as much as 5% at the opening print and climbed to an intraday high of $19.38 before closing down 1.05% at $16.91, according to CoinMarketCap. XRP slipped 2% during the debut. CoinMarketCap reported that most of Evernorth's roughly 473 million XRP holdings came directly from Ripple and transaction backers rather than open-market purchases.[1][3][4][7]

The public listing also faced notable financial headwinds leading up to the bell. According to Decrypt, about 80% of SPAC investors cashed out their shares prior to the merger closing. Additionally, the value of the company's 473 million XRP stash had declined by roughly 40% compared to when the deal was initially signed.[2][9]

Key facts

  • Evernorth began trading on Nasdaq under the ticker XRPN following a merger with Armada Acquisition Corp. II.
  • Evernorth entered the public market holding approximately 473 million XRP.
  • The transaction generated approximately $300 million in gross proceeds prior to transaction costs.
  • XRPN shares rose 5% at the Nasdaq open and peaked at $19.38 intraday before closing down 1.05% at $16.91.
  • XRP slipped 2% on the day, with CoinMarketCap noting most of Evernorth's tokens came from Ripple and deal backers rather than market buys.
  • According to Decrypt, about 80% of SPAC investors cashed out before closing, and the XRP treasury was worth roughly 40% less than at signing.

Sources 路 8 sources

  1. CO

    CoinMarketCap@CoinMarketCapPost on X 路

    LATEST: 馃搳 Evernorth's XRPN closed its Nasdaq debut at $16.91, down 1.05%, after spiking to $19.38 intraday. https://t.co/Q004VgEcRw

    Open source
  2. DE

    DecryptArticle 路

    Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid Evernorth's XRPN shares began trading Monday after its SPAC merger closed, but 80% of SPAC investors cashed out first and its XRP stash is worth roughly 40% less than at signing.

    Open source
  3. CT

    Coin TelegraphArticle 路

    XRP treasury Evernorth鈥檚 shares rise 5% at Nasdaq opening print Evernorth鈥檚 share price rose by 5% as investors welcomed the Nasdaq debut of the first pure-play XRP digital asset treasury.

    Open source
  4. CO

    Cointelegraph@CointelegraphPost on X 路

    鈿★笍 JUST IN: XRP treasury company Evernorth Holdings (XRPN) shares rose as much as 5% on their Nasdaq debut. https://t.co/Hf6W1JWrxd https://t.co/k84GqiKqzm

    Open source
  5. CB

    Crypto BriefingArticle 路

    Evernorth Holdings shares rise 5% in Nasdaq debut as XRP treasury firm goes public Evernorth's Nasdaq debut highlights growing institutional interest in crypto, offering traditional investors a regulated entry into the XRP market. The post Evernorth Holdings shares rise 5% in Nasdaq debut as XRP treasury firm goes public appeared first on Crypto Briefing .

    Open source
  6. BS

    BSCN@BSCNewsPost on X 路

    XRP Treasury Giant Makes its Nasdaq Debut 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 ripple:native. Evernorth generated a total of roughly $300 million in gross proceeds prior to transaction costs. In contrast to purchasing XRP outright, XRPN stock exposes investors to the company鈥檚 management of its treasury.

    Open source
  7. CO

    CoinMarketCap@CoinMarketCapPost on X 路

    ANALYSIS: 馃搲 XRP slipped 2% as Evernorth made its Nasdaq debut with 473M XRP. Most came from Ripple and deal backers, not fresh market buys, but can XRPN create fresh demand from here? 馃憞 https://t.co/5j3LNyZuJl

    Open source
  8. CN

    crypto.news@cryptodotnewsPost on X 路

    JUST IN: Evernorth begins trading on Nasdaq as the first publicly listed XRP treasury company Trading under the ticker $XRPN, the company holds approximately 473 million $XRP, giving public-market investors exposure to an XRP-focused treasury. https://t.co/dDQiBJ5FXK

    Open source
  9. DE

    Decrypt@DecryptMediaPost on X 路

    Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid https://t.co/RUlM9v1GCr

    Open source