Ripple-backed Evernorth to List on Nasdaq with 473M XRP Treasury
Evernorth, a Ripple-backed firm, won shareholder approval for its merger with Armada Acquisition Corp. II and is set to begin Nasdaq trading on October 8 with approximately 473 million XRP in its treasury. The firm acquired roughly $214 million of that XRP at an average price of $2.54 in late 2025.
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Story Updates
- Updated Oct 2, 2026, 12:06 AM: Evernorth spent $214 million of its $225 million private placement to acquire XRP at $2.54 per token in late 2025.
Merger Approval and Nasdaq Debut
Evernorth secured shareholder approval for its merger with special-purpose acquisition company Armada Acquisition Corp. II, clearing the path for the firm to list on Nasdaq beginning October 8. The transaction will make Evernorth a publicly traded company with a treasury of roughly 473 million XRP, according to regulatory filings reviewed by Decrypt.
XRP Acquisition Details
Of the $225 million Evernorth lists as private placement cash, $214 million was deployed in late 2025 to acquire XRP at an average price of $2.54 per token, according to CryptoPotato. At current spot prices near $2.40, this positions the firm's holdings at a paper loss of roughly 5%. The acquisition timing and price basis provide a public benchmark for XRP's cost structure within traditional corporate treasuries.
What Sets Evernorth Apart
Evernorth is structured as what sources describe as the "largest pure-play" XRP treasury among publicly traded entities. Unlike existing public companies that hold XRP as one asset among many, Evernorth's primary holding is XRP itself. The Nasdaq listing gives retail and institutional investors direct equity exposure to XRP holdings without requiring them to hold the token directly or navigate cryptocurrency exchanges.
Why It Matters
For Traders
Evernorth's $2.54 XRP entry price and current spot position near $2.40 create a live benchmark for institutional acquisition costs; watch spread dynamics at Nasdaq open for arbitrage signals.
For Investors
A publicly traded XRP-focused vehicle with a disclosed acquisition price establishes XRP as an institutional-grade asset with transparent cost basis, boosting credibility in traditional finance.
For Builders
Mainstream equity access to XRP holdings may increase price stability and on-ramp liquidity for XRP-based applications if Evernorth's treasury strategy includes active deployment.
This article is for information only and is not financial advice. Read the full disclaimer.
