Key Takeaways
- Evernorth holds about 473 million XRP, with approximately $300 million in gross cash proceeds.
- Common stock is expected to begin Nasdaq trading Oct. 12 as XRPN.
- The Bearchamp finale is scheduled for Oct. 14 in Times Square.
473 Million XRP Moves Into a Public Company
Stock market investors are set to gain exposure to an actively managed XRP treasury after Evernorth Holdings Inc. (Nasdaq: XRPN) completed its merger Oct. 9. XRPN is the ticker symbol for Evernorth’s common stock on Nasdaq. Its completed business combination brought together Evernorth and Armada Acquisition Corp. II, a special purpose acquisition company formed to take another business public.
At closing, Evernorth held approximately 473 million XRP and had raised approximately $300 million in gross cash proceeds before transaction expenses. Founder and Chief Executive Officer Asheesh Birla said:
“We’ll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP’s utility, and pursuing strategies designed to grow XRP per share over time.”
Trading is expected to begin Oct. 12 following an administrative delay disclosed Oct. 6. The revised Nasdaq trading timetable replaced the earlier Oct. 8 target. Armada II previously used XRPN, with the symbol being reassigned to Evernorth following the merger.
Evernorth Targets More XRP Per Share
The transaction followed shareholder approval of the merger at Armada II’s Sept. 30 meeting. Evernorth’s investors include digital asset investment firm Arrington Capital, Japanese financial services group SBI Group, and Ripple. Other backers include blockchain investment firm Pantera Capital, crypto exchange Kraken, and GSR, a crypto trading firm and liquidity provider, among others.
That backing supports Evernorth’s plans to deploy capital across the XRP economy outlined Oct. 9 on X. The objective is to increase XRP per share, meaning the quantity of tokens held relative to outstanding shares. The business will operate under the reporting, governance, and disclosure standards of a Nasdaq-listed company.
Buying Evernorth stock gives investors an ownership interest in the company, which manages its treasury and business activities. Direct ownership of cryptocurrency recorded on a blockchain instead involves holding the digital asset itself. Evernorth plans to pursue returns through institutional and decentralized finance strategies, ecosystem participation, and capital markets activities. Decentralized finance refers to financial services conducted through blockchain-based applications.
Potential areas for investment include tokenized assets, blockchain-based credit markets, and settlement infrastructure on the XRP Ledger, the blockchain on which XRP operates. Tokenized assets represent ownership or other rights through digital tokens. Evernorth identifies these financial applications as areas that need funding to expand.
XRP Community Celebration Heads to Times Square
Evernorth’s public debut week will also bring the final chapter of its Bearchamp collaboration to Times Square in New York. Bearchamp is a boxing bear character created by Chicago artist JC Rivera. In an Oct. 10 update on X, the company scheduled the Times Square premiere for Oct. 14 at around 4 p.m. Eastern.
Rivera created the character after being discouraged from pursuing his childhood ambition to become a boxer. Evernorth introduced the character last month as part of its XRP community campaign tied to the Nasdaq debut. The initiative connects the character’s persistence with supporters who remained involved in the cryptocurrency’s ecosystem through years of setbacks.
The premiere will coincide with Evernorth’s planned Nasdaq closing-bell ceremony on Oct. 14, extending the celebration from the exchange to Times Square. Company leadership, investors, and members of the XRP ecosystem are expected to join the bell-ringing, according to its Oct. 9 release.
