Evernorth's XRPN closed its first Nasdaq session at $16.91, down 1.05%, with the XRP bought using $214 million of advance funding about 46% below cost.
XRP$1.36-1.91%Evernorth Holdings closed its first Nasdaq session at $16.91, down 1.05%, after opening at $16.68 and reaching $19.39 intraday, on volume of 1,301,047 shares, per market data compiled by StockAnalysis. The high was 13.4% above Friday's $17.09 close; the finish was just below it.
The XRP the shares wrap is deep below its cost. Advance funding investors provided $214 million, which Evernorth spent in late 2025 on 84.37 million XRP at an average of roughly $2.54 per token, per proxy filings. With XRP near $1.37, that tranche is worth about $115.6 million, roughly 46% below what was paid for it.
In pre-market trading on Tuesday the shares were quoted at $17.11, up 1.18%, at 5:49 a.m. EDT.
Evernorth completed its business combination with Armada Acquisition Corp. II, a blank-check company sponsored by Arrington XRP Capital Fund, and said its common stock was expected to begin trading on Nasdaq under the ticker XRPN on Oct. 12. Armada traded under the same ticker until the deal closed on Oct. 9, three days before the debut, after an administrative delay pushed the listing back from Oct. 8. Armada shareholders approved the combination on Sept. 30. Per Nasdaq's corporate-action notice, Armada's securities were suspended effective Oct. 12 and replaced by Evernorth shares under the same ticker; Evernorth's warrants trade under XRPNW.
The run into the listing was volatile. Armada's shares closed at $10.58 on Sept. 28, traded as high as $53 on Oct. 2, then fell 50.3% on Oct. 6 to close at $19.20. They closed at $17.09 on Oct. 9, which is the basis for Monday's change.
Evernorth entered Nasdaq holding roughly 473 million XRP. Its Form 8-K puts the Signing XRP Price at $2.36609 and the Closing XRP Price at $1.43069, the average of the CME CF XRP-Dollar Reference Rate, New York variant, at 4:00 p.m. New York time on each of the three days before closing. That decline of about 39.5% cut the market value of the holdings from roughly $1.12 billion at signing to $677 million at closing, a gap of about $443 million. At Monday's token price of $1.37, the same 473 million tokens were worth around $648 million.
The write-downs predate the listing. The proxy's financial statements put the cost of 346.3 million of the company's XRP at $846.6 million; by June 30, Evernorth carried those tokens at $348.8 million and had recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026.
About 80.3% of eligible Armada shares were redeemed for roughly $195.39 million in cash, per the company's Form 8-K, leaving a thin public float. Evernorth's own accounting of the closing cash, published Oct. 1, is $225 million from private placements, $30 million of incremental convertible note financing and approximately $48 million of trust proceeds, about $300 million gross before expenses.
The company also corrected the share count. In the announcement of its CIO hire, Evernorth said it issued 1,078,614 Class A shares to delayed funding subscribers at closing, not the 663,510 stated in the Form 8-K filed after closing, which it attributed to a clerical error. The correction spooked some holders and fed a sell-the-news trade.
Evernorth named Hugo Jeandesboz chief investment officer on Monday, the day trading began. He joins from Coinbase Asset Management, where he was co-chief investment officer and led its Solutions investment strategies, and reports to founder and CEO Asheesh Birla. His duties cover treasury allocation, liquidity management and the active management of Evernorth's XRP holdings.
The company describes itself as a public digital asset treasury company that gives investors exposure to XRP through a regulated, liquid and transparent structure, and says it holds one of the largest XRP treasuries of any public company. It intends to deploy the holdings through decentralized finance lending and liquidity provision, XRP Ledger ecosystem participation and validator operations, aiming to grow XRP per share. It separately names tokenized assets, blockchain-based credit markets and settlement infrastructure as areas for capital deployment. Backers it lists include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
Much of the treasury came from investors contributing existing XRP in exchange for equity, so buying XRPN shares does not directly trigger purchases of the token. Evernorth has no revenue from operations, and Birla has said the company has not committed to buying more XRP after the listing. He framed the plan in the closing announcement:
We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP's utility, and pursuing strategies designed to grow XRP per share over time.
CoinGecko priced XRP around $1.37, down nearly 9% over seven days, 46% lower than a year earlier and 62% below its $3.65 all-time high. Daily XRP volume reached about $2.17 billion, up 107% from the previous day, though a CryptoQuant analysis found centralized-exchange spot volume fell by $1.94 billion between Aug. 26 and Oct. 11, with futures accounting for a growing share of activity.
Spot XRP ETFs took in $11.31 million of net inflows in the week before the debut. On debut day the token fell to $1.35 and total crypto market capitalization dropped 3.4% to roughly $2.80 trillion. Analyst Scott Melker described the listing as the first major treasury-company test since the sector's speculative boom faded.
Monday's session left $19.39 as the high and $16.39 as the low. The closes have stepped down since Oct. 6: $19.20, then $17.09, then $16.91. A close above $19.39 would put the stock back at its debut high; a close under $16.39 would be a new low for the listing.
Evernorth expects to ring the Nasdaq closing bell on Wednesday, Oct. 14, with company leadership, investors and XRP ecosystem participants. That afternoon, the final chapter of its Bearchamp collaboration is scheduled to premiere in Times Square at around 4 p.m. Eastern.
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