Evernorth Begins Nasdaq Trading as XRP Slips
Evernorth Holdings, backed by Ripple, started trading on Nasdaq under the ticker XRPN after completing a merger with Armada Acquisition Corp. II. XRP dropped 3% to $1.37 over 24 hours, underperforming a crypto market that fell 2.8%, while its market capitalization was $86.4 billion. XRPN opened around $19.38 and closed at $16.91 on its first day, down 1.05%; Evernorth holds about 473 million XRP and reported roughly $300 million in gross cash proceeds.
Evernorth Holdings, supported by Ripple and other investors, began Nasdaq trading as XRPN after combining with Armada Acquisition Corp. II. Its treasury contains roughly 473 million XRP, worth about $648 million at the time, and it reported about $300 million in gross cash proceeds before costs. This makes it the largest public company whose primary focus is direct XRP ownership.
XRP declined 3% to $1.37 in 24 hours, with an $86.4 billion market value, while the wider crypto market lost 2.8%; Bitcoin fell 1% and Ethereum 0.5%. XRPN opened near $19.38 and closed at $16.91, down 1.05%. Because the XRP held came from earlier contributions and acquisitions, the debut did not create immediate new purchases.
Evernorth's Nasdaq listing may give traditional investors a public-market route to XRP-linked exposure, potentially affecting portfolio allocation and risk awareness among retail and institutional participants. XRP holders could see sentiment influenced by the company's performance, though the debut's muted trading suggests limited immediate spillover. Broader society may encounter more crypto-related public equities, raising questions about transparency and market volatility, but effects remain uncertain.