Evernorth Begins Nasdaq Trading as XRPN With 473 Million XRP Treasury
Ripple-backed Evernorth started trading on Nasdaq under ticker XRPN on October 12 after merging with Armada Acquisition Corp. II, holding 473 million XRP and $300 million cash.
Why it matters
The listing provides public-market investors with direct exposure to an actively managed XRP treasury strategy, marking the first Nasdaq-listed company focused on XRP Ledger yield generation and infrastructure. The structure differs from passive spot ETFs by pursuing DeFi and lending strategies to grow XRP per share.
What happened
Evernorth Holdings Inc., a Ripple-backed digital asset treasury company, completed its merger with SPAC Armada Acquisition Corp. II and began trading on Nasdaq under the ticker XRPN on October 12, 2026. The combined entity holds approximately 473 million XRP tokens and $300 million in cash proceeds. An SEC Form 8-K filed on the first trading day disclosed that Ripple co-founder Chris Larsen controls 2,340,249 Class A shares, making him the largest individual shareholder. Former Ripple manager Asheesh Birla and former Coinbase Asset Management chief investment officer Hugo Jeandesboz will direct an actively managed strategy deploying fiat and token reserves into DeFi and institutional lending on the XRP Ledger. Ripple allocated 127 million XRP to Evernorth. The listing represents the first major XRP Ledger-focused company to trade on a public stock exchange.
How the story developed
- First report
First report by U.Today
XRP Defies Market Bloodbath as Bitcoin Hits October Lows: Main Crypto News This Morning
- Independent corroboration
Independently corroborated by CryptoPotato
Important Ripple News and XRP Price Update: October 15
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.
- 9 Oct 2026, 13:33 UTC: U.Today — 1 independent source, 1 reports
- 10 Oct 2026, 18:34 UTC: U.Today — 2 independent sources, 2 reports
- 15 Oct 2026, 07:30 UTC: CryptoPotato — 3 independent sources, 11 reports
Affected entities
Also mentioned: Ethereum, Shiba Inu, United Arab Emirates, United States, U.S. Securities and Exchange Commission, Federal Reserve, Kraken
Original sources
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