Evernorth entered public markets on Monday under the ticker XRPN, following the closure of its merger with the SPAC Armada Acquisition Corp. II. The transaction left the company with a very limited public float: roughly 4.5 million shares remained after more than 80% of Armada’s shareholders redeemed their stakes for cash. The thin pool of tradable shares caused the stock price to swing dramatically in early trading, peaking near $53 before settling around $16-$19 later in the week.

XRP treasury valuation

The firm’s balance sheet now lists about 473 million XRP and roughly $300 million in cash. Using the $1.43 reference price applied in the merger filing, the cryptocurrency assets are valued at approximately $677 million. That figure is substantially lower than the more than $1 billion Evernorth originally claimed it would raise to buy XRP. At the time the deal was signed, XRP traded at $2.37, meaning the token’s price fell roughly 40% by the closing date.

Funding history and cost basis

Evernorth spent close to $947 million to acquire XRP in late 2025. By February of the following year, the market value of that stash was about $446 million less than the purchase price. The company’s initial promise of a billion-dollar fund was therefore not realized, and the current market-to-net-asset value (mNAV) sits below 1, indicating that any new equity raises would be dilutive to existing shareholders.

Ownership structure

SBI Holdings, a Tokyo-based financial group, holds the largest voting block at 39.9%. Arrington Capital, the SPAC sponsor, controls 19.9%, while Ripple co-founder Chris Larsen is linked to a 9.9% stake. Ripple and related entities together are capped at a 9.9% voting limit, and they, along with a Larsen-related trust and Arrington’s fund, are subject to six-month lock-up agreements that prevent sales until April 2027.

Operational strategy

Rather than acting as a passive holder, Evernorth intends to generate yield on its XRP through decentralized finance (DeFi) protocols that lend and trade the asset, as well as by operating validators on the XRP Ledger. Hugo Jeandesboz, formerly co-CIO of Coinbase Asset Management, has been appointed to oversee this strategy. The company also issued warrants (ticker XRPNW) that allow holders to purchase additional shares at $11.50 each.

Why it matters

Evernorth’s listing provides a regulated avenue for investors to gain exposure to XRP without directly managing a crypto wallet, potentially broadening institutional participation in the Ripple ecosystem. However, the stark discrepancy between the initial fundraising narrative and the current valuation highlights the risks inherent in digital-asset-backed public companies, especially when token prices are volatile. The firm’s future performance will depend on its ability to monetize XRP holdings through DeFi activities and on broader market movements in the cryptocurrency sector.