Evernorth is seven days from a Nasdaq debut with 473 million XRP on its books. Shareholders approved its merger on September 30, but those coins now trade 37% below the price set when the deal was signed.
XRP is the fifth-largest cryptocurrency by market value. Evernorth offers stock investors a slice of it through a share, with no coins to buy.
Why Evernorth’s 473 Million XRP Is Worth $414 Million Less Than at Signing
Evernorth is a treasury company, a listed firm whose main business is holding one crypto token. It is merging with Armada Acquisition Corp. II, a Nasdaq shell company built to take firms public.
The deal was signed in October 2025. Back then, filings priced Ripple’s 126.8 million XRP contribution at about $2.37 per coin.
Today, XRP trades at $1.49, according to BeInCrypto’s XRP price data.
At the signing price, 473 million XRP would be worth about $1.1 billion. At today’s price, it is worth about $705 million.
Most of that stack was never bought on the open market. Ripple, the deal’s sponsor, and a related party handed over about 388 million XRP in exchange for shares, the prospectus shows.
[IMAGE PLACEHOLDER — Evernorth XRP Nasdaq chart: XRP price since October 2025 signing, Source: BeInCrypto]
What XRPN Buyers Actually Get on October 8
The merger also brings about $300 million in cash before expenses, according to the company’s release. Filings say part of it will buy more XRP.
Evernorth also plans to put its coins to work. It says it will chase yield and capital markets deals to grow the XRP behind each share.
“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.”
Asheesh Birla, Evernorth’s founder and CEO, made the case in the release.
BeInCrypto reported in August that the firm was one final vote away from Nasdaq. That vote has now passed.
Closing on October 7 depends on final conditions, and trading under XRPN still needs Nasdaq’s approval.
Yet 473 million coins equal about 0.75% of XRP’s 63.1 billion circulating supply. On October 8, the stock market puts its own price on that bet.
