Evernorth Completes SPAC Merger, Bringing 473M XRP to Nasdaq as XRPN
Evernorth's XRPN shares debuted on Nasdaq after a SPAC merger, carrying a significant XRP treasury despite market declines.
Evernorth's XRPN shares debuted on Nasdaq after a SPAC merger, carrying a significant XRP treasury despite market declines. XRP (XRP) is trading at $1.37, up 0.7% since this brief published. This is an original TLT brief synthesising 5 outlets (Brave New Coin, Decrypt, CoinCodex, and others), with their figures cross-checked, plus live market data, as of Mon, 12 Oct 2026 21:00:04 UTC.
This development marks the first pure-play XRP digital asset treasury to list on Nasdaq, potentially influencing institutional adoption and XRP demand. However, the significant cash-out by SPAC investors and XRP's declining value raise questions about the treasury's long-term strategy.
- Ripple-Backed Evernorth Secures Major Deal Ahead of Nasdaq Listing: Why Is XRP Price Still Down? ↗
- Evernorth XRP Treasury Merger Brings 473 Million XRP to Nasdaq as XRPN Debuts October 12 ↗
- Evernorth Debuts on Nasdaq With 473M XRP Can It Help Push XRP Higher? ↗
- XRP treasury Evernorth’s shares rise 5% at Nasdaq opening print ↗
- Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid ↗
- Evernorth completed SPAC merger, debuting on Nasdaq as XRPN with 473M XRP and $300M cash.
- 80% of SPAC investors cashed out, and XRP treasury value dropped ~40% since signing.
- XRPN shares rose 5% on debut, but XRP price declined 3.08% in the past 24 hours.
- The listing could impact institutional interest in XRP, despite current market conditions.
Multiple outlets (Brave New Coin, CoinCodex, U.Today, Decrypt) confirm that Evernorth completed its SPAC merger and will list on Nasdaq as XRPN with 473 million XRP and $300 million in cash. However, Decrypt reports that 80% of SPAC investors cashed out before the listing, and the value of the XRP treasury has fallen by approximately 40% since the deal was signed. Cointelegraph highlights a 5% rise in XRPN's share price on debut, suggesting some investor optimism, while U.Today notes the continued decline in XRP's price.
- XRP Treasury Evernorth Completes SPAC Merger, Launches XRPN on Nasdaq
- Evernorth Completes SPAC Merger, Bringing 473M XRP to Nasdaq as XRPN — this brief
Evernorth has completed its merger with Armada Acquisition Corp. II, marking the debut of XRPN on Nasdaq. The listing comes with a significant treasury of 473 million 
XRP and $300 million in gross cash proceeds.
The merger was completed ahead of the scheduled listing date of October 12, 2026. This development makes Evernorth the first pure-play XRP digital asset treasury to be listed on Nasdaq, potentially influencing institutional interest in XRP.
However, the merger has not been without its challenges. According to Decrypt, 80% of SPAC investors opted to cash out before the listing, and the value of the XRP treasury has decreased by roughly 40% since the deal was signed. This decline in value could impact the company's treasury strategy and its ability to support XRP demand.
Despite the challenges, XRPN shares rose by 5% on their debut, as reported by Cointelegraph. This suggests that some investors remain optimistic about the company's prospects. However, the overall crypto market remains flat, with 
Bitcoin down 0.98% in the past 24 hours and the Fear & Greed Index at 69, indicating a state of 'Greed'.
The live market data shows that XRP is currently trading at $1.36, having declined by 3.08% in the past 24 hours and 8.94% over the past week. The market cap of XRP stands at $86.14 billion. The circulating cash supply of Evernorth, as reported by DeFiLlama, is $126.45 million.
The listing of XRPN on Nasdaq could have significant implications for the broader crypto market, particularly for XRP. It remains to be seen how the company's treasury strategy will unfold and whether it can effectively support XRP demand in the face of current market conditions. Investors will be watching closely to see how the company navigates these challenges.
Since this brief published about 28 hours ago, XRP (XRP) has moved from $1.36 to $1.37 — +0.74%.
The chart plots XRP's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 XRP ≈ ₦1,872.43 (about $1.37), down 2.9% over 24 hours. The naira itself trades about 2.7% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
1 key figure independently matched across 5 outlets reporting this story.
TLT extracts the figures each outlet reports and flags the ones that agree. Numbers cited by only one outlet are attributed in the brief, not shown as corroborated.
Figures and sectors in this story, checked live against on-chain aggregators · October 12, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Evernorth Completes SPAC Merger, Bringing 473M XRP to Nasdaq — questions & answers
What is Evernorth's XRP treasury value?
Evernorth's XRP treasury is worth approximately 40% less than at the time of signing, though the exact current value is not specified.
How much XRP does Evernorth hold?
Evernorth holds 473 million XRP as part of its treasury.
What is the significance of Evernorth's Nasdaq listing?
The listing marks the first pure-play XRP digital asset treasury on Nasdaq, potentially boosting institutional interest in XRP.
How much is 1 XRP worth in naira today?
About ₦1,872.43 at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $1.37. The naira price moves with both XRP's US-dollar price and the USDT/NGN rate; use our XRP in naira page for any amount.
Has XRP's price moved since this brief was published?
XRP is up 0.74% since this brief first published — trading at $1.37 now versus $1.36 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Brave New Coin, Decrypt, CoinCodex, U.Today, Cointelegraph, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.