Evernorth Holdings began trading on the Nasdaq Stock Market under the ticker XRPN on October 12, 2026 after closing its business combination with Armada Acquisition Corp. II.
The company announced the close on October 9. In that release it said it holds approximately 473 million XRP and has raised approximately $300 million in gross cash proceeds, before transaction expenses. Common stock was expected to begin trading on October 12. Warrants trade under XRPNW. Evernorth also said it expects to ring the Nasdaq closing bell on October 14.
What the 473 million XRP consists of
The 473 million figure is the projected closing balance disclosed in transaction documents, not a single open-market purchase. One breakdown of the components lists approximately 126.8 million XRP contributed by Ripple, about 211.3 million associated with the sponsor, 50 million from a Ripple-related entity, roughly 84.4 million purchased for about $214 million at an average of $2.54, and a smaller amount from other subscribers. The purchased portion is about 18% of the total. The remainder arrived as in-kind contributions in exchange for equity.
The Crypto Times reported the shareholder approval on October 1 and the revised schedule on October 7, after an administrative delay moved the expected close to about October 9 and the trading start to about October 12. Armada II shareholders had approved the combination on September 30.
XRPN price through the close
MarketWatch shows XRPN closed at $17.09 on October 9, down $7.11, or 29.38%, from the prior close of $24.20. The session opened at $20.88, ranged from $16 to $21, and traded about 3.22 million shares. Premarket quotes on October 12 ranged from roughly $16.17 to $18.18, depending on the timestamp.
The stock had moved sharply higher earlier in the month. MarketWatch daily rows show a high of $53.00 on October 2 and a close of $39.42 that day on about 9.3 million shares. Subsequent closes were $38.65 on October 5, $19.20 on October 6, $25.01 on October 7, and $24.20 on October 8. From the October 2 high of $53 to the October 9 close of $17.09 is a drop of about 68%. The 52-week range cited across data providers is $10.10 to $53.00. Volume on the recent sessions has been well above the longer-term average of roughly 0.6 million shares.
These levels are the Armada shell’s trading history. The business combination closed on October 9. Trading on October 12 is the first session under the Evernorth structure. Market-capitalization figures on October 12 range from about $405 million to $540 million, depending on the share count used and the price snapshot. Short interest was about 343,000 shares, or roughly 1.9% of float, as of the September 30 report. The stock price is the market’s mark on the shares, not a direct quote on XRP.
Who is running the treasury
On October 12, Evernorth announced that Hugo Jeandesboz has joined as chief investment officer. He previously served as co-chief investment officer at Coinbase Asset Management, where he led the firm’s Solutions investment strategies. He reports to founder and CEO Asheesh Birla. As CIO, he is responsible for treasury allocation, liquidity management, and the active management of the XRP holdings and is the senior contact for trading counterparties and custodians.
Jeandesboz previously worked as Coinbase’s lead derivatives trader and, before that, traded interest-rate derivatives at HSBC in New York. He began at Société Générale in fixed-income trading and later as a quantitative strategist. Birla is a former Ripple executive. Evernorth describes itself as an actively managed XRP treasury rather than a passive holding vehicle. It has said it intends to deploy capital into XRP infrastructure and strategies aimed at increasing XRP per share.
Named backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Armada was sponsored by Arrington XRP Capital Fund, LP. About 80% of Armada’s redeemable Class A share was redeemed ahead of the close, according to filings cited in secondary reports. That reduced the cash that flowed from the trust relative to a full non-redemption outcome. Final post-merger accounting treatment will appear in the company’s first financial statements.
What the levels leave open
XRP itself is not listed. Holders of XRPN receive shares in a company that holds XRP, subject to the company’s reporting and governance obligations. The timestamped reference points are the October 9 close of $17.09, the October 9 low of $16, and the October 2 high of $53.
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