Evernorth Holdings Goes Public on Nasdaq With 473M XRP Holdings

Evernorth Holdings, Inc. officially entered the public markets following the completion of its business combination with Armada Acquisition Corp. II, the company announced Thursday. Shares of the newly public firm are set to begin trading on the Nasdaq exchange on October 12, 2026, under the ticker symbol XRPN.

The company enters the market with approximately 473 million XRP tokens on its balance sheet, positioning it as one of the largest publicly traded holders of the digital asset. Alongside its crypto holdings, Evernorth reported approximately $300 million in gross cash proceeds from the transaction, providing a substantial liquidity base as it begins life as a publicly traded entity.

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The deal structure follows the special purpose acquisition company model, in which Armada Acquisition Corp. II served as the blank-check vehicle that facilitated Evernorth's path to a public listing without a traditional initial public offering. SPAC mergers have remained a notable route to market for companies seeking faster or more flexible access to public capital, particularly in the digital assets sector.

The San Francisco-based company's debut comes as institutional interest in XRP-linked investment vehicles continues to attract attention from both retail and professional investors. The scale of Evernorth's XRP position, combined with its reported cash reserves, could draw scrutiny from analysts assessing the firm's risk profile relative to crypto market volatility.

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