- Evernorth completed its merger with Armada II, paving the way for Nasdaq trading under ticker XRPN.
- Evernorth holds 473 million XRP and raised $300 million before transaction expenses.
- The company will begin Nasdaq trading under XRPN and ring the closing bell on October 14.
Evernorth Holdings has completed its business merger with Armada Acquisition Corp. II, paving the way for its common stock to begin trading on Nasdaq under the ticker XRPN from today. The digital asset treasury company holds approximately 473 million XRP and raised about $300 million in gross cash proceeds before transaction expenses.
The company plans to deploy capital across the XRP network, focusing on infrastructure and applications while operating under the reporting and governance requirements of a publicly traded company.
Evernorth Holds 473 Million XRP After Business Combination
The transaction’s completion confirms Evernorth’s move toward public-market trading. The company was formed to manage an XRP treasury and allocate capital across businesses and infrastructure connected to the XRP ecosystem.
According to the announcement, Evernorth secured funding from institutional and digital asset investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company reported approximately $300 million in gross cash proceeds from the transaction, before expenses, alongside its XRP holdings.
Evernorth Chief Executive Officer Asheesh Birla said the company intends to support infrastructure and use cases that expand XRP’s utility. He also said its strategy includes pursuing approaches designed to increase the amount of XRP represented by each share over time.
XRP Treasury Strategy Targets On-Chain Finance
Evernorth plans to allocate capital across the XRP economy as tokenized assets, on-chain credit markets and settlement infrastructure develop. Its stated areas of focus include infrastructure and applications that use XRP or support activity within its ecosystem.
The company’s strategy centers on actively managing its treasury rather than simply holding XRP. Its stated objective of growing XRP per share will depend on how it deploys capital and manages its holdings over time.
Michael Arrington, founder of Arrington Capital, said the company’s backing reflects his view that the XRP network will continue to grow and attract developers and capital.
XRPN Listing Scheduled for October 12
Evernorth will begin trading on Nasdaq under the symbol XRPN from today, and the company also plans to ring the Nasdaq closing bell on October 14, bringing together its leadership, investors, and members of the XRP network.
The listing will give public-market participants access to shares in a company whose treasury includes approximately 473 million XRP.
Related: Evernorth Clears Key Hurdle for Nasdaq Debut With $1 Billion XRP Treasury Deal
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