Evernorth completed its merger with Armada Acquisition Corp. II on October 9, 2026, and is set to begin trading on Nasdaq under the ticker XRPN on October 12. The listing gives investors a public-market way to buy into a company tied to XRP instead of holding the token directly.
The company’s holdings include approximately 473 million XRP and about $300 million in cash. At the current XRP price of $1.40, those tokens are worth roughly $662 million, putting Evernorth’s total assets at around $962 million.
Asheesh Birla and XRPN
Asheesh Birla serves as Evernorth’s CEO and sits on its board. Evernorth says its approach is to manage XRP through a public company with “one job, to put that capital to work across the XRP economy.”
The company has also said its strategy is aimed at increasing “XRP per share” over time. For investors, that means the stock is not a direct claim on XRP itself but on a company that holds XRP as part of its asset pool.
Armada Acquisition Corp. II merger
Evernorth originally planned to start trading on October 8, then moved to October 12 after completing the merger with Armada Acquisition Corp. II on October 9. SBI Holdings and Arrington control most of the voting power in Evernorth, while Chris Larsen and Ripple Labs also hold a direct stake.
That ownership structure leaves voting control concentrated even as the company opens to public trading. It also places XRPN inside the same XRP-linked ecosystem that already includes Chris Larsen and Ripple Labs.
Evernorth’s XRP balance
The numbers make the trade-off plain. Evernorth is going public with a large XRP-backed asset base, but it has no operating revenue, no profits, and no disclosed partnerships with lenders, payment companies, or banks that would use XRP for transactions.
XRP itself is priced at $1.40, down 5.4% over the past week and up 2.1% over the last 30 days. It remains about 61.5% below its all-time high, so XRPN will open just as the token sits well below that peak.
The immediate question for investors is whether XRPN opens at a premium or a discount to Evernorth’s roughly $962 million in assets. If it trades above that level, buyers will be paying for exposure and control; if it trades below, the market will be marking down the company’s asset base before the first full session even settles.
