Evernorth completed its merger with Armada Acquisition Corp. II on October 9, 2026, raising approximately $300 million in gross proceeds before transaction costs.
Behind that initial capital raise, however, the legacy shareholding structure reflects a massive cash-out narrative.
Public Float Shrinks
A total of 80.3% of Armada’s public shareholders opted to redeem their holdings ahead of the merger. Holders of 18.46 million shares redeemed roughly $195.4 million in cash at an average price of $10.58 per share. This heavy capital withdrawal left Evernorth’s initial public float significantly smaller than originally projected.
The company’s common stock, trading under the ticker XRPN, begins trading on the Nasdaq Global Market on October 12, 2026. The debut was delayed by four days from the planned October 8 date purely due to administrative matters rather than regulatory hurdles. The company’s warrants trade separately under the ticker XRPNW, followed by a Nasdaq closing bell ceremony on October 14, 2026.
The company’s 473 million XRP reserve originated from various affiliated sources. Ripple contributed 126.79 million XRP, followed by 50 million tokens from their affiliated trust, while sponsors contributed 211.32 million tokens. The company also spent $214 million in cash to acquire an additional 84.37 million tokens at an average price of $2.54 per coin, with the remaining allocation coming from early customers.
A roster of institutional players, including Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR, joined the funding round. Evernorth also sought additional liquidity by issuing $30 million in convertible notes. The debt instrument, carrying a 4% PIK interest rate and maturing in 2031, is earmarked for general corporate purposes, including buying more XRP in the future.
What Are Investors Actually Buying?
CEO Asheesh Birla pegged the company’s focus on increasing the amount of XRP per share. Evernorth management is preparing to deploy capital directly into the XRP ecosystem, spanning tokenized asset development, on-chain credit provision, and settlement infrastructure buildout.
Investors in XRPN shares need to understand the legal structure behind the Nasdaq ticker. Public shareholders hold corporate equity rather than a direct claim on the XRP reserve held in the company’s treasury. This structure means XRPN stock could trade at a premium to its net asset value, or alternatively sink to a discount.
On October 10, XRP was changing hands around $1.40, down from a peak of $1.53 the prior week. For retail investors in traditional capital markets, Evernorth’s offering presents a new calculation: weighing the convenience of trading via regular stockbrokerages against the risk of price divergence from the underlying crypto asset.
Source: crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
