- Evernorth Holdings (XRPN) began trading on Nasdaq Monday following its merger with Armada Acquisition Corp. II.
- Over 80% of Armada shareholders chose to redeem their shares for cash, removing nearly $195.3 million from the deal.
- The company’s 473 million XRP holdings are now valued at roughly $677 million, down from $1.12 billion at signing.
- XRPN stock edged higher on Monday, while XRP itself fell amid extremely bearish retail sentiment.
Evernorth Holdings (XRPN) debuted on the Nasdaq Monday after finalizing its merger with Armada Acquisition Corp. II, though the value of its substantial XRP holdings was deeply cut by a decline in the token’s price.
The business reported roughly $300 million in gross cash proceeds from the merger. According to a recent SEC filing, over 80% of Armada’s shareholders opted to turn their shares back in for cash, removing about $195.3 million from the deal.
The merger settlement valued XRP at $1.43, a 39.5% decline from the $2.36 reference price when the transaction was signed. Consequently, the market value of Evernorth’s 473 million XRP holdings slumped from roughly $1.12 billion at signing to $677 million at closing.
The gap is critical because Evernorth is an XRP treasury company with no revenue from operations, similar to Strategy (MSTR) and Bitmine Immersion Technologies (BMNR). It allows investors to get XRP exposure in a brokerage account rather than on a crypto exchange.
XRPN stock rose up to 2% to cross $19 on Monday before paring most of those gains by midday. Meanwhile, XRP’s price fell as much 1.6% in the last 24 hours to under $1.40, leaving the company with further paper losses.
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