Evernorth Files to Register Shares as XRP Treasury Grows
Evernorth, now trading on Nasdaq as XRPN after combining with Armada Acquisition Corp. II, holds about 473 million XRP and roughly $300 million in gross cash proceeds. It filed to register up to 11.5 million Class A shares tied to public warrants and plans to put some token holdings to work before year-end. At recent XRP prices near $1.30, its token position is worth about $615 million.
Evernorth began Nasdaq trading as XRPN in early October after merging with Armada Acquisition Corp. II. Its public listing came with about 473 million XRP and approximately $300 million in gross cash proceeds, making it one of the larger publicly traded vehicles focused solely on XRP.
The company registered 11,499,992 Class A shares tied to public warrants exercisable at $11.50. With shares at $15.45 and warrants at $4.16 on Oct. 16, those warrants were in the money. Evernorth also plans to deploy some treasury holdings in Q4 2026 through Ripple, Kraken, Coinbase, and BitGo, though amounts and timing remain undisclosed.
Evernorth’s public XRP treasury may give mainstream investors a regulated route to token exposure, potentially drawing more retail and institutional attention to crypto markets. That could affect shareholders, crypto traders, and partners by linking stock performance more closely to XRP price swings. It may also encourage other firms to test public token-holding structures, while exposing investors to volatility and execution risks if treasury strategies underperform.