Evernorth Holdings to Debut on Nasdaq Under Ticker XRPN Following SPAC Merger

Evernorth Holdings completed its merger with Armada Acquisition Corp. and expects its common stock to start trading on Nasdaq on Monday, October 12, under the ticker symbol XRPN. The public listing follows a brief delay from an initial October 8 target caused by an administrative issue. The company holds 473 million XRP tokens in its corporate treasury, providing equity investors an avenue to gain exposure to the digital asset through standard brokerage accounts.

Supported by institutional backers including Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital, Evernorth raised approximately $300 million in gross cash proceeds prior to transaction expenses. Led by Chief Executive Officer Asheesh Birla, the firm plans to expand its token holdings per share by generating yield and funding infrastructure projects across the XRP ecosystem. Because the treasury assets were accumulated before listing, the debut does not trigger immediate token purchases on the open market.

Market participants will monitor how closely XRPN equity tracks token price movements once trading begins. XRP / U.S. dollar (BITSTAMP:XRPUSD) traded at $1.409 after easing from nearly $1.50 earlier in the month. Any sustained recovery in the underlying asset will depend on broader market demand and future token accumulation rather than the stock listing alone.