Ripple-backed Evernorth debuts on Nasdaq as XRPN holding 473 million XRP
In brief
- Evernorth began trading on the Nasdaq on Monday under the ticker XRPN.
- Evernorth holds roughly 473 million XRP and about $300 million in gross cash.
- Redemptions by about 80.3% of Armada's public shareholders pulled roughly $195 million from the deal.
- SBI Holdings controls 39.9% of voting shares, according to the closing filing.
A smaller stash than the pitch
Evernorth is a digital asset treasury (DAT) company, the model Strategy (formerly Microstrategy) pioneered with Bitcoin. The model relies on mNAV, which is the ratio of a company's stock market value to the value of its crypto holdings. When mNAV is below 1, raising money means dilution.
The numbers have shrunk since the original pitch. In October 2025, when Evernorth announced the deal, it touted more than $1 billion in funding to buy XRP. At the $1.43 XRP reference price used in the closing filing, its holdings were worth about $677 million.
The merger documents priced XRP at $2.37 at signing. Set against the $1.43 closing price, that works out to a drop of roughly 40% between signing and closing (a paper decline in the token's price, not a realized loss). The $1.43 figure is also about 61% below XRP's all-time high of $3.65, set in July 2025.
Most SPAC investors cashed out
About 80.3% of Armada's public shareholders (holding 18.5 million shares) chose redemption, per the filing. They took about $10.58 per share, pulling roughly $195 million out of the deal before it closed.
That left only about 4.5 million original public shares, a small float.
According to Decrypt, XRPN touched an intraday high of $53 on October 2 and closed that Friday at $39.42. It then slid to $17.09 on October 9, the day the merger closed. On Monday it briefly rose toward $19, then fell to $16.64 by midday, per Yahoo Finance data cited by Decrypt.
Who owns it, and what's next
The filing shows SBI Holdings controlling 39.9% of Evernorth's voting shares. Arrington Capital's fund holds 19.9%, and Ripple co-founder Chris Larsen is tied to 9.9%. Ripple and its affiliates are capped at 9.9% of the voting power. Ripple, a Larsen-linked trust and Arrington's fund signed six-month lock-ups that bar them from selling until April 2027.
Most of the XRP was contributed as tokens rather than bought. Arrington's fund put in about 211 million XRP, Ripple about 127 million and the Larsen-linked trust 50 million. Roughly 84 million were bought at an average of $2.53 using $214 million in early funding.
Evernorth plans to earn yield through DeFi apps and run XRP Ledger validators, with the goal of growing the XRP behind each share. On Monday it named Hugo Jeandesboz, formerly co-chief investment officer at Coinbase Asset Management, to run that yield strategy.
Frequently asked questions
What is a digital asset treasury company like Evernorth?
A digital asset treasury (DAT) company holds a crypto asset on its balance sheet. Strategy (formerly Microstrategy) pioneered the model with Bitcoin. The model relies on mNAV, the ratio of a company's stock market value to the value of its crypto holdings. When mNAV is below 1, raising money means dilution.
How much did SPAC shareholders redeem before Evernorth's listing?
About 80.3% of Armada's public shareholders, holding 18.5 million shares, chose redemption. They took about $10.58 per share, pulling roughly $195 million out of the deal before it closed. That left only about 4.5 million original public shares.
Who controls Evernorth?
According to the closing filing, SBI Holdings controls 39.9% of Evernorth's voting shares, Arrington Capital's fund holds 19.9% and Ripple co-founder Chris Larsen is tied to 9.9%. Ripple and its affiliates are capped at 9.9% of the voting power.
