Evernorth Begins Nasdaq Trading as XRPN After SPAC Merger
Evernorth Holdings started trading on Nasdaq under XRPN after completing its merger with Armada Acquisition Corp. II. The listing created the largest publicly traded fund backed by XRP, but its first session saw steep discounts and regulatory restrictions. The company plans an actively managed strategy tied to XRP Ledger DeFi and corporate credit, while a six-month SEC lock-up limits insider sales.
Evernorth Holdings started Nasdaq trading as XRPN after merging with Armada Acquisition Corp. II. It is the largest exchange-listed XRP-backed fund, but its debut brought discounts and regulatory limits. Management is active, targeting XRP Ledger DeFi and corporate credit, with leaders from Ripple and Coinbase Asset Management.
The merger was negotiated in late 2025 when XRP was $2.37; later prices near $1.34–$1.40 cut the value of 473 million XRP and roughly $300 million cash, creating an unrealized loss around $450 million. About 80.3% of SPAC investors redeemed at $10.58, leaving 4.5 million shares. SBI holds 39.9% voting power, Arrington 19.9%, and Chris Larsen 9.9%; Ripple Labs has restricted shares. A six-month SEC lock-up lasts until April 2027.
The listing could give mainstream investors a regulated route to XRP exposure, while its small public float and insider lock-up may make XRPN shares unusually volatile. XRP holders and crypto-focused traders may watch it as a sentiment gauge, and traditional finance firms could study whether active DeFi and corporate-credit strategies work inside a public fund. Retail investors in SPACs and crypto may face greater complexity and risk, so outcomes may shape confidence in similar digital-asset listings without determining broader adoption.