Evernorth Holdings Amends Nasdaq Listing Terms To Reflect XRP Treasury Value

@Evernorthxrp has amended the terms of its planned Nasdaq listing to ensure its capitalization more accurately reflects the current market value of its $XRP treasury, a move backed by the overwhelming majority of its investors.

What Changed and Why

The amendment replaces a fixed $2.36 price anchor used at the time of signing with a volume-weighted average price (VWAP) close at the time of the deal's completion. The adjustment is intended to reset the transaction to reflect the change in the underlying $XRP price from $2.36 at signing to XRP's value at closing, which is expected to reduce the total share count so each common share represents a larger percentage of the treasury.

All advance funders, representing more than 95% of committed capital, have agreed to the revised terms, demonstrating continued support for Evernorth's strategy and public market debut. The Armada II sponsor has also agreed to adjust its founder shares on the same proportional basis as the advance funders, reinforcing alignment across stakeholders.

Management and Evernorth's founding investors believe the amendment will result in a capitalization structure that more accurately reflects the value of the company's underlying $XRP holdings at closing. Evernorth's investors include @Ripple, Arrington Cap, SBI Group, Pantera Capital, Kraken and GSR, among others.

A Q3/Q4 2026 Debut on Track

The amendment is not expected to alter Evernorth's core strategy. The company is targeting a Nasdaq listing under the ticker $XRPN through a merger with Armada Acquisition Corp II, with a launch anticipated in Q3/Q4 2026. The deal positions Evernorth as one of the first large-scale public companies built around holding and deploying $XRP on its balance sheet.

According to SEC filings, Evernorth holds 473 million $XRP, valued at roughly $656 million, and has raised over $1 billion in gross proceeds from backers including @Ripple, SBI, and Pantera Capital. By reducing the total share count through the pricing adjustment, the company expects each common share to carry a higher implied $XRP interest at the time of listing.

A Nasdaq listing under $XRPN could mark a significant milestone by offering public market investors a new way to gain structured exposure to $XRP through equity rather than direct token ownership.

Sources:
Evernorth official press release via PR Newswire
Crypto.news: Ripple-backed Evernorth files SEC amendment for $1B XRP treasury
The Crypto Basic: Evernorth Advances Nasdaq Listing Plan