Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid — SkimNews
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- Evernorth began trading on Nasdaq under XRPN on Monday after closing its merger with SPAC Armada Acquisition Corp. II, holding ~473 million XRP and ~$300 million in gross cash.
- Armada's public shareholders redeemed 80.3% of shares (18.5 million) for ~$10.58 each, pulling ~$195 million out of the deal and leaving just 4.5 million original public shares.
- The thin float sent XRPN to a $53 intraday high on October 2 before sliding to $17.09 on October 9, then briefly touching $19 on its Evernorth debut before fading to $16.64 by midday.
- Evernorth's 473 million XRP is worth ~$677 million at the $1.43 reference price — 40% below the $2.37 deal-signing price — after the company spent ~$947 million acquiring XRP in late October 2025.
- SBI Holdings controls 39.9% of voting shares, Arrington Capital holds 19.9%, and Chris Larsen is tied to 9.9%, with all major holders under six-month lock-ups barring sales until April 2027.
- Hugo Jeandesboz, formerly co-CIO at Coinbase Asset Management, was tapped to run Evernorth's DeFi yield and XRP Ledger validator strategy; the company rings Nasdaq's closing bell on October 14.
Why it matters: 80% of SPAC holders cashed out at $10.58 a share, leaving a 4.5 million-share float that swung XRPN from $53 to $16 in a week. Evernorth spent $947 million on XRP and saw its holdings drop ~$446 million by February — even insiders keeping their tokens are underwater, and a stock trading below its crypto's value has no easy path to raise more.
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