Evernorth Took 473M XRP Public After Half a Billion in Write-Downs
The largest XRP treasury company reached Nasdaq as XRPN with less cash than first billed, about 80% of SPAC holders gone, and a token worth far less than when the deal was signed.
Evernorth began trading on Nasdaq on October 12 under the ticker XRPN, nearly a year after it announced a SPAC deal to become the largest public company built to hold XRP. It brought about 473 million XRP and roughly $300 million in gross cash, before transaction expenses, according to its October 9 closing announcement. Backers include Ripple, Pantera Capital, Kraken, SBI Group, Arrington Capital and GSR.
That sounds like a debut. In the 2026 market, it reads more like a stress test of the digital-asset-treasury model, run on a token that has spent the year going the wrong way.
The deal that got smaller on the way in
When Evernorth agreed to merge with Armada Acquisition Corp. II in October 2025, its press release headline promised the company would go public "with over $1 billion in gross proceeds." What arrived at closing was 473 million tokens and $300 million in cash.
The cash breakdown, as CryptoSlate reported from the company's own figures, is $225 million from private placements, $30 million from convertible notes and about $48 million left in Armada's trust. That last number is the tell. Armada's trust held about $241 million at the end of June. Stocktwits put redemptions at about 80.3%, meaning most SPAC shareholders took their money back rather than ride into an XRP treasury.
The XRP side came mostly from insiders. The deal's proxy lists 126,791,458 XRP contributed by Ripple, about 211 million linked to the sponsor, 50 million from a related party, and roughly 84.4 million bought with $214 million in cash at an average of about $2.54 per token.
The impairments in the proxy
Evernorth has no operating revenue. Its results are, almost entirely, the XRP price. Under U.S. accounting rules it has to write its tokens down when the market falls below what it paid, and the proxy shows what that has looked like.
From inception on August 29, 2025, through December 31, 2025, Evernorth booked a non-cash digital asset impairment of about $233.7 million and a net loss of $152.7 million. From January through June 2026, the impairment was $264.1 million, and the net loss $188.1 million. Gains on refundable investor advances softened both periods. Together, the two impairment charges come to almost half a billion dollars before the company had traded a single share.
Stocktwits framed the same gap at market value. XRP was about $2.36 when the deal was signed and about $1.43 at closing, a decline of roughly 39.5%. On that math, the treasury fell from about $1.12 billion to about $677 million, a drop of about $443 million.
How the debut actually traded
Reports on the first session disagree, so the safe summary is mixed. Stocktwits reported XRPN rose as much as 2% to above $19 before giving most of it back by midday. BeInCrypto reported a close of $16.91, down 1.05%, on about 1.29 million shares. Crypto Briefing reported an intraday gain of up to 13.43% and a close about 1.5% higher, measured from a different reference price. Either way, it was not a breakout.
The days before were wilder. Still trading as Armada under the XRPN ticker, the stock closed at $10.58 on September 28, spiked as high as $53 intraday on October 2, then dropped 50.3% in one session to $19.20 on October 6, according to CryptoSlate. That is what a thin float with heavy redemptions looks like.
Treasury companies after the drawdown
The pitch behind every digital-asset-treasury company is the same. If the stock trades above the value of its tokens, a ratio known as mNAV, the company can sell shares, buy more tokens and raise holdings per share for everyone. Evernorth calls its version XRP per share and makes it the main measure of performance in its filings.
That only works with a premium, and 2026 has eaten the premium. CoinMarketCap's analysis put Strategy's mNAV at about 1.16x by spring 2026, down from roughly 3x to 4x during the 2024 bull run, and described the compression as sector-wide. Below 1.0, issuing stock to buy tokens shrinks each share's backing rather than growing it. Strategy itself sold bitcoin at a loss in August to fund preferred dividends.
Evernorth's answer is that it is not just a holder. CEO Asheesh Birla, a former Ripple executive, says the goal is "an actively managed XRP treasury purpose-built to support the growth of the ecosystem." The company plans to put capital into institutional and DeFi yield strategies, tokenized assets, on-chain credit and settlement infrastructure. That is a reasonable way to grow XRP per share without new equity. It also adds smart-contract, liquidity and counterparty risk on top of token risk, which Brave New Coin flagged in its coverage of the close.
What to watch
Three things will decide whether XRPN works as a vehicle or just as a proxy. First, whether the stock holds a premium to its XRP once the float settles. Second, whether the yield programme produces XRP per share without new dilution. Third, outstanding Armada warrants and the $30 million of convertible notes, which convert at an initial rate of about $10.20 per share one year after the effectiveness date, both potential sources of new stock.
The company rings Nasdaq's closing bell on October 14. The ceremony is the easy part. The harder test is whether a company that lost about $443 million of treasury value between signing and closing can convince public investors to pay more than what it holds.