Ripple-backed Evernorth closes its merger with about 473 million XRP and heads to Nasdaq on Monday, after XRP fell about 40% while the deal was pending

Evernorth, the XRP treasury company backed by Ripple, has finished its merger with a blank-check firm and is due to start trading on Nasdaq on Monday. The company said on Friday that it closed the deal holding about 473 million XRP and having raised about $300 million in gross cash, before expenses.

By its own account that is one of the largest XRP treasuries of any public company. At the $1.43 closing price used in its securities filing, the holding is worth about $677 million. The same filing lists a signing price of $2.37 for the deal, which was agreed in October 2025. That is a fall of about 40%.

Many of the blank-check company's investors did not stay. Holders of about 80% of the redeemable shares in Armada Acquisition Corp. II took cash instead, about $195 million in all, the filing shows.

Ripple contributed about 126.8 million XRP, and its voting power is capped at 9.9%. Other backers named by the company include Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Evernorth, led by founder and chief executive Asheesh Birla, says it will manage the holding actively, using institutional and DeFi yield strategies to increase the XRP behind each share.

The shares will trade as XRPN and the warrants as XRPNW. Trading was first expected on October 8. Evernorth plans to ring Nasdaq's closing bell on Wednesday.