Evernorth Holdings Inc. has begun trading on Nasdaq under the ticker XRPN after completing its merger with Armada Acquisition Corp. II, creating a publicly listed company holding 473.1 million XRP and about $300 million in cash. The debut gives stock-market participants a new way to gain XRP-linked exposure through an equity instrument, though the shares have already shown the volatility that can accompany crypto-treasury companies.
XRPN opened more than 15% higher on Oct. 12 before retreating to close at $16.90. The decline followed a sharp run-up in the shares during the past month, when they traded as high as $53, according to market data cited in the transaction coverage. The stock was down 56.65% over the latest five trading days, with post-market trading around $16.90.
The business combination closed on Oct. 9, nearly a year after Evernorth first announced plans to go public through a SPAC merger. The deal, valued at close to $1 billion, retained the Evernorth Holdings Inc. name and placed former Ripple executive Asheesh Birla at the helm.
A public XRP treasury with an active strategy
Evernorth’s structure centers on a large XRP balance sheet. Securities and Exchange Commission filings tied to the SPAC transaction stated that Evernorth and Pathfinder Digital Assets held about 473.1 million XRP at the end of 2025.
The company has presented itself as more than a passive holder of the token. Its disclosed plans include lending XRP, providing automated market maker liquidity, and deploying options strategies such as covered calls and cash-secured puts. It has also referred to liquidity pools involving Ripple’s RLUSD stablecoin, including an RLUSD/XRP pool.
Those activities could produce income from an XRP treasury, but they also introduce trading, liquidity, counterparty and execution risks that do not apply to simply holding tokens. Lending can expose assets to borrower default or platform stress, while liquidity provision may leave the company holding a larger share of the weaker-performing asset in a volatile trading pair. Options premiums can add income, yet covered calls can limit upside during sharp XRP rallies.
Evernorth has said its public-company format is intended to serve entities that face restrictions on holding crypto directly, including corporate treasuries, pensions and registered investment advisers. Rather than buying XRP on an exchange or arranging custody themselves, those institutions could buy shares in a Nasdaq-listed company whose balance sheet is substantially linked to XRP.
That structure also means XRPN may not move in lockstep with XRP. The stock can trade at a premium or discount to the market value of its token holdings, depending on traders’ views of the company’s debt, operating strategy, costs, income generation and future share issuance.
Accounting losses reveal token-price sensitivity
The company’s filings show how quickly that exposure can affect reported financial results. In an S-4 registration statement filed with the SEC in March, Evernorth reported roughly $233.7 million in digital-asset impairment for 2025.
The filing attributed the charge to the difference between the company’s purchase cost and the market price of its digital assets during the reporting period. Such impairment charges can make a crypto-treasury company’s earnings appear highly volatile even when it has not sold its tokens, depending on the accounting treatment and price movements during the relevant period.
The same S-4 said 84.40 million XRP had been purchased for approximately $214.1 million, implying an average purchase price of about $2.54 per token. XRP was near $1.45 at the time referenced in the filing, around 35% below that average cost.
Earlier transaction materials had placed Evernorth’s XRP holdings at 389 million tokens, valued at more than $1 billion using an XRP price of $2.60. The company reported an unrealized gain above $50 million under that valuation. The later disclosure of 473.1 million XRP shows the treasury expanded as the company moved toward completing the SPAC transaction.
Convertible notes add a financing consideration
Evernorth also entered a financing agreement that could affect its capital structure. A September SEC 8-K disclosed a bond purchase agreement with NH Investment & Securities for $30 million of convertible senior notes issued to an investment trust represented by the firm.
The notes carry payment-in-kind interest, meaning interest can be added to the principal rather than paid in cash. Proceeds were designated for general corporate purposes, including XRP purchases and operating XRP-related business lines, subject to completion of the merger.
Convertible notes can give Evernorth access to capital without an immediate cash-interest burden, which may preserve liquidity for its treasury and operating plans. If the notes convert into common shares, though, existing shareholders could face dilution. Payment-in-kind interest may increase the amount ultimately convertible if it accumulates over time.
Backers connect Evernorth to XRP’s established network
Transaction materials identified Ripple, SBI Group, Arrington Capital, Pantera, Kraken and GSR among Evernorth’s backers. Earlier plans for the merger included a proposed funding package of more than $1 billion, including $200 million from SBI and participation from Ripple, Rippleworks, Pantera Capital, Kraken, GSR and Ripple co-founder Chris Larsen.
The company has also linked its strategy to tokenized securities and on-chain credit, areas where XRP and RLUSD liquidity could be used in future financial products. Those ambitions remain dependent on execution, available counterparties and the depth of on-chain markets rather than the size of Evernorth’s XRP balance alone.
XRPN’s early trading points to a demanding test for the newly listed company: maintaining a market value that reflects more than a volatile pool of XRP while building enough income-producing activity to justify the costs and risks of operating a public digital-asset treasury.
For deeper context on XRP’s role in payments and investing, explore our guide here.
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