Funding
Evernorth Hits Nasdaq with XRP Stake
Evernorth, a company backed by Ripple and built to hold XRP, began trading on the Nasdaq under the ticker XRPN on October 14. The company's shares represent a stake in XRP, which was acquired for $947 million in October 2025. At the closing reference price of $1.43 per XRP, the XRP stash is worth about $677 million. The merger with Armada Acquisition Corp. II closed on October 7, and 80% of Armada's public shareholders chose to redeem their shares for cash, taking out about $195 million. The remaining shares represent a tiny float, allowing small orders to move the price significantly. Evernorth plans to use the funds to grow the XRP ecosystem through DeFi and validator activities, and to ring the Nasdaq closing bell on October 14 to celebrate the listing.