Evernorth Holdings begins trading on NASDAQ today under the ticker XRPN, but its XRP treasury has taken a paper markdown of almost $450 million since the deal terms were set. Few shares are available to trade, and insiders face a lock-up.
Evernorth management will ring a closing bell at NASDAQ at 4:00 p.m. New York time today. The ceremony marks the start of trading in XRPN shares after the treasury company's merger with the SPAC platform Armada Acquisition Corp. II.
Evernorth is not a passive spot fund. Former Ripple manager Asheesh Birla and former Coinbase Asset Management chief investment officer Hugo Jeandesboz intend to direct fiat capital and token reserves into DeFi strategies and institutional lending within the XRP Ledger ecosystem. Management's goal is steady growth in the amount of XRP per fund share.
A drawn-out merger erodes the treasury
The deal terms were fixed in late 2025, with XRP at $2.37. With the token now at $1.34–$1.40, Evernorth's starting balance of 473 million XRP and about $300 million in fiat has taken a paper markdown of almost $450 million.
Investors also showed caution in the capital structure. 80.3% of the SPAC pool's participants took cash at $10.58 per share instead of exchanging into the crypto business. The actual free float of XRPN shrank to 4.5 million shares. U.Today says such low liquidity guarantees high price volatility and sharp squeezes.
SBI, Arrington and Ripple insiders face a lock-up
Fresh SEC disclosures show the ownership split:
- SBI Holdings holds the largest stake, 39.9% of voting shares.
- Arrington Capital holds 19.9% and contributed 211 million XRP.
- Chris Larsen controls 9.9% through a trust.
- Ripple Labs is limited to 9.9% and contributed 177 million XRP.
The SEC imposed a six-month lock-up on the Arrington, Larsen and Ripple stakes, so open-market sales are prohibited until April 2027.
XRP slips after a pre-listing spike
According to U.Today, the spot market followed a "buy the rumor, sell the news" scenario. Evernorth had accumulated its entire XRP volume over the counter in advance, so no direct wave of demand appeared on exchanges. After a spike above $1.55 on expectations, XRP corrected this week to $1.34–$1.36.
Source: U.Today
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