Evernorth wrapped up its business combination with Armada Acquisition Corp. II on Friday, clearing the last regulatory and shareholder hurdles before its shares start trading on Nasdaq under the ticker XRPN on Monday, October 12. The company enters public markets with roughly 473 million XRP in its treasury and about $300 million in gross cash proceeds.
The listing gives traditional equity investors a way to bet on XRP without buying the token directly. XRP itself isn't being listed on Nasdaq — XRPN is a public company whose balance sheet and strategy revolve around the digital asset.
What Evernorth actually holds
The merger and associated private placements pulled in more than $1 billion, with backing from Ripple, SBI Group, Kraken, Pantera Capital, and other investors. That capital sits alongside the 473 million XRP tokens, giving Evernorth a dual mandate: manage the existing stash and put fresh cash to work.
Executives describe the company as an actively managed XRP treasury. The playbook isn't just buy-and-hold. Evernorth plans to deploy capital across institutional yield strategies, infrastructure projects, on-chain credit, and other corners of the XRP ecosystem. In practice, that means the company will function less like a passive ETF and more like an operating fund with a crypto balance sheet.
XRP's price backdrop
The listing lands during a rough stretch for XRP. The token is hovering near $1.40, well off its all-time high of $3.60 set in July 2025. A steep macro-driven correction wiped out most of the summer's gains.
The immediate level traders are watching is $1.50. Reclaiming that price could restart the rally that began in mid-August and push XRP toward fresh local peaks, according to analyst Lana Valentis. If the bounce is confirmed, Valentis sees the next major targets at $1.70, $2.20, $2.70, and eventually the 2025 high of $3.65.
That's a long climb from current levels, and XRPN's first days of trading will unfold against that backdrop. The company's treasury, after all, is marked to a token that's down sharply from its July peak. Early share price action will likely reflect both the value of the XRP holdings and whatever premium or discount the market assigns to Evernorth's active management strategy.
Why a treasury company instead of an ETF
ETFs tracking XRP already exist and, according to the facts, are performing quite well. So why would investors choose XRPN? The pitch seems to hinge on active management — the ability to earn yield, invest in infrastructure, and make credit decisions that a passive fund can't.
Whether that translates into outperformance is an open question. The company hasn't published a track record yet, and its strategy is still being built out. What's clear is that Evernorth is betting institutional investors want a managed vehicle, not just a tracker.
What to watch after the bell
XRPN starts trading Monday. The first few sessions will show how much appetite there is for a publicly listed XRP treasury company at a moment when the underlying token is searching for a bottom. The $1.50 level on XRP is the number to watch — reclaim it, and Valentis' targets come into play. Fail to hold $1.40, and the macro pressure that dragged the token down from $3.60 could keep weighing on both XRP and its newest public proxy.
Evernorth hasn't announced a specific timeline for its first deployments of the $300 million in cash. Investors will get their first real look at the strategy when the company reports its initial quarterly results as a public entity.
