Evernorth Debuts on Nasdaq with Significant XRP Holdings
- Evernorth began trading on Nasdaq under the ticker XRPN after merging with Armada Acquisition Corp. II.
- The company holds approximately 473 million XRP and $300 million in gross cash, valued at around $677 million at a $1.43 reference price.
- About 80.3% of Armada’s public shareholders redeemed shares, withdrawing roughly $195 million from the deal.
- SBI Holdings controls 39.9% of Evernorth’s voting shares, while Arrington Capital holds 19.9%.
- Evernorth plans to utilize decentralized finance (DeFi) apps and run validators to grow its XRP holdings.
Evernorth’s debut on Nasdaq marks a significant move for the Ripple-backed firm, providing investors a way to engage with XRP without needing a crypto wallet.
Despite holding substantial XRP assets, Evernorth faces challenges due to market fluctuations that have reduced its initial valuation expectations significantly.Source )
