Evernorth Completes SPAC Merger With Armada Acquisition Corp. II, Begins Nasdaq Trading as XRPN With 473 Million XRP
Evernorth closed its merger with Armada Acquisition Corp. II on October 9 and began Nasdaq trading under ticker XRPN on October 12, holding 473 million XRP and $300 million in gross cash proceeds.
Why it matters
The listing creates the largest publicly traded pure-play XRP treasury company, giving traditional equity investors direct exposure to an actively managed XRP portfolio. The high redemption rate and thin float contributed to extreme pre-merger SPAC volatility, with shares surging from $10 to $53 before collapsing 50% ahead of the close. XRP's decline from $2.37 at deal signing to around $1.43 at closing reduced the treasury's value significantly below the original capital raised.
Where the sources disagree
XRPN first-day stock price performance
5% rise at opening print
Cointelegraph
Closed regular session at $16.91, down 1.05%; after-hours $17.37, up 2.72%
Bitcoin.com News
Cointelegraph reported a 5% rise at the Nasdaq opening print, while Bitcoin.com News reported the regular session closed down 1.05% at $16.91 before rising 2.72% in after-hours trading to $17.37.
Value of 473 million XRP treasury at closing
$657 million at $1.39 per XRP
Cointelegraph
roughly $677 million at $1.43 reference price
Decrypt
roughly $230 million
CoinGape
Cointelegraph valued the treasury at $657 million using a $1.39 XRP price, Decrypt valued it at roughly $677 million using a $1.43 reference price from the closing filing, while CoinGape cited a value of roughly $230 million which appears inconsistent with the other figures.
Total capital raised through the transaction
more than $1 billion raised through transaction and associated private placements
CryptoPotato
approximately $300 million in gross cash proceeds before expenses
CoinGape, Crypto.News, Crypto.News, Bitcoin.com News, Decrypt
CryptoPotato reported more than $1 billion raised through the transaction and associated private placements, while other sources cite approximately $300 million in gross cash proceeds from the SPAC merger before expenses.
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the holdings
$300 million
Bitcoin.com News
$677 million
Decrypt
Bitcoin.com News reports $300 million, Decrypt reports $677 million (56% apart).
reported value
$657 million
Cointelegraph
$195 million
Decrypt
Cointelegraph reports $657 million, Decrypt reports $195 million (70% apart).
Key facts
Evernorth completed its merger with Armada Acquisition Corp. II on October 9, 2026
Reported by CryptoPotato
XRPN began trading on Nasdaq on October 12, 2026
Reported by CoinGape
Evernorth held approximately 473 million XRP at closing
473,000,000 XRPReported by Bitcoin.com News
Armada Acquisition Corp. II shareholders approved the merger on September 30 with roughly 94% voting in favor
94 %Reported by CoinGape
An administrative delay disclosed on October 6 pushed the merger closing from October 7 to October 9 and Nasdaq trading from October 8 to October 12
Reported by Bitcoin.com News
XRPN shares closed the first regular session at $16.91, down 1.05%, and reached $17.37 in after-hours trading, up 2.72%
16.91 USDDisputed figureReported by Bitcoin.com News
What happened
Evernorth Holdings completed its business combination with special purpose acquisition company Armada Acquisition Corp. II on October 9, 2026, after an administrative delay pushed the original October 7 closing date. The combined company began trading on Nasdaq under the ticker XRPN on October 12. At closing, Evernorth held approximately 473 million XRP and roughly $300 million in gross cash proceeds before transaction expenses. Armada shareholders approved the merger on September 30 with roughly 94% of votes in favor, though about 80.3% of eligible shares were redeemed for cash, removing approximately $195 million from the SPAC trust. The company's backers include Ripple, SBI Group, Pantera Capital, GSR, Arrington Capital, and Kraken. Former Coinbase Asset Management Co-Chief Investment Officer Hugo Jeandesboz was named chief investment officer on the trading debut day. XRPN shares closed their first regular session at $16.91, down 1.05%, before rising 2.72% in after-hours trading to $17.37.
How the story developed
- Official statement
Armada Acquisition Corp. II shareholders approve merger
Roughly 94% of votes cast back the business combination at extraordinary general meeting
- Official statement
Evernorth announces revised merger timeline due to administrative delay
Form 8-K filed October 6 moves closing from October 7 to October 9 and Nasdaq trading from October 8 to October 12
- First report
First report by Bitcoin.com News
Evernorth Sets New XRP Treasury Timeline After Administrative Delay
- Independent corroboration
Independently corroborated by CoinGape
XRP Treasury Firm Evernorth’s XRPN Nasdaq Debut Pushed to Oct. 12 After Administrative Delay
- Resolution
Evernorth completes merger with Armada Acquisition Corp. II
Business combination closes with 473 million XRP and $300 million gross cash proceeds
- Resolution
XRPN begins trading on Nasdaq
Evernorth Holdings common stock starts trading under ticker XRPN
- Official statement
Hugo Jeandesboz appointed chief investment officer
Former Coinbase Asset Management Co-Chief Investment Officer named to lead treasury strategy on trading debut day
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 7 Oct 2026, 00:35 UTC: Bitcoin.com News, official — 1 independent source, 1 reports
- 7 Oct 2026, 07:20 UTC: CoinGape — 2 independent sources, 2 reports
- 7 Oct 2026, 07:21 UTC: Bitcoin Insider — 3 independent sources, 3 reports
- 7 Oct 2026, 09:18 UTC: U.Today — 4 independent sources, 4 reports
- 7 Oct 2026, 09:35 UTC: Crypto.News — 5 independent sources, 5 reports
- 7 Oct 2026, 15:30 UTC: CryptoSlate — 6 independent sources, 6 reports
- 10 Oct 2026, 07:00 UTC: Crypto News Flash — 7 independent sources, 7 reports
- 10 Oct 2026, 07:31 UTC: CryptoPotato — 8 independent sources, 8 reports
- 11 Oct 2026, 17:12 UTC: Brave New Coin — 9 independent sources, 13 reports
- 12 Oct 2026, 14:18 UTC: Cointelegraph — 10 independent sources, 21 reports
- 12 Oct 2026, 18:09 UTC: Decrypt — 11 independent sources, 22 reports
- 15 Oct 2026, 00:17 UTC: Bitcoin Insider — 12 independent sources, 26 reports
Affected entities
Also mentioned: U.S. Securities and Exchange Commission, Ethereum, United States, Coinbase, Bitwise, JPMorgan, Mastercard
Original sources
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