Ripple-Backed Evernorth Debuts on Nasdaq with $648M XRP Treasury, Stock Closes Down

Ripple-backed Evernorth Holdings made its Nasdaq debut following a completed SPAC merger with Armada Acquisition Corp. II, but closed its first day of trading down 1.05% at $16.91. The company enters the public market holding approximately 473 million XRP, valued at roughly $648 million at the time of listing, alongside roughly $300 million in gross cash proceeds. Prior to the October 9 merger completion, SEC filings indicate that holders of 80.3% of the SPAC’s redeemable shares opted to cash out. Since much of Evernorth's initial treasury was funded by investors exchanging existing XRP for equity, purchasing shares of the new public entity does not directly create fresh buying pressure on the underlying token. "grow XRP per share over time." — Asheesh Birla