Nasdaq-Bound Evernorth Holds 473M XRP Now Worth $414M Less

Evernorth is set to begin Nasdaq trading in seven days, holding 473 million XRP. The merger received shareholder approval on September 30, yet the cryptocurrency has declined 37% from the price agreed at signing.

XRP ranks fifth among crypto assets by market capitalization. Evernorth gives equity investors exposure to the token via a stock, without needing to purchase any coins themselves.

How Evernorth's 473M XRP Lost $414M in Value Since Deal Signing

Evernorth functions as a treasury firm, a publicly traded entity primarily focused on a single crypto asset. The company is combining with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company designed to bring businesses to the public markets.

The transaction was inked in October 2025. At that time, regulatory filings valued Ripple's 126.8 million XRP contribution at roughly $2.37 per token.

Currently, XRP is changing hands at $1.49, per BeInCrypto's pricing.

At the price when the deal was signed, 473 million XRP would have been valued at roughly $1.1 billion. At today's price, that figure stands at about $705 million.

The majority of those coins were not purchased publicly. According to the prospectus, Ripple, which sponsored the deal, along with a related entity, contributed approximately 388 million XRP in return for equity.

What Investors in XRPN Will Receive When Trading Begins on October 8

The business combination also contributes roughly $300 million in cash, prior to expenses, the company announced in a release. Regulatory filings indicate that a portion of that cash will be used to acquire additional XRP.

Evernorth intends to deploy its holdings. The firm has stated it will seek yield-generating opportunities and capital market transactions to increase the XRP backing each share.

"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Asheesh Birla, Evernorth's founder and CEO, said in the company's press release.

In August, BeInCrypto noted that the company was a single shareholder vote away from a Nasdaq listing. That vote has since taken place and succeeded.

Armada Acquisition Corp. II shareholders have approved the business combination with Evernorth. Thank you to every shareholder who voted, and to the XRP community that has followed every step.

Expected next:

Oct 7: Closing
Oct 8: Nasdaq trading under XRPN

At closing, Evernorth… pic.twitter.com/TyYEHx6suq

— evernorthxrp (@evernorthxrp) October 1, 2026

The October 7 closing is contingent on meeting remaining conditions, and commencement of trading under the XRPN symbol is still subject to Nasdaq's green light.

The 473 million XRP holdings represent approximately 0.75% of the total circulating supply of 63.1 billion tokens. When trading begins on October 8, the stock exchange will assign its own valuation to that wager.