Evernorth Holdings made its post-merger Nasdaq debut under the XRPN ticker on October 12, giving public-market investors exposure to a company built around XRP. Shares opened at $16.68 and climbed to an intraday high of $19.39 before reversing, with XRPN ultimately closing its first session at $16.91 on roughly 1.29 million shares traded.
Evernorth's XRPN debuts on Nasdaq with 473M $XRP, the first big treasury company test since the bubble popped
"Evernorth XRP treasury merger brings 473 million XRP to Nasdaq as XRPN debuts October 12th. The big news here is that the merger is complete."
"We really haven't had a… https://t.co/L4FTFiGhti pic.twitter.com/FayUxg9F7N
— The Wolf Of All Streets (@scottmelker) October 12, 2026
The debut followed Evernorth’s completed combination with Armada Acquisition Corp. II, which brought the company to market holding approximately 473 million XRP and around $300 million in gross cash proceeds. The structure gives investors a publicly traded vehicle designed to increase XRP exposure per share, while pursuing institutional, DeFi and capital-markets strategies around its treasury.
Scott Melker described the listing as a new test for the crypto treasury-company model after enthusiasm for the sector cooled from earlier highs. The next signal will be whether XRPN can stabilize after giving back its initial gains, as investors assess how the stock performs relative to XRP itself and whether demand for digital-asset treasury companies can recover.
Source: Scott Melker.
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