Evernorth, the Ripple‑backed entity created to amass XRP, debuted on Nasdaq under the ticker XRPN after sealing its SPAC merger with Armada Acquisition Corp. II. The company entered the market holding roughly 473 million XRP and $300 million in cash, but the token’s price slumped from $2.37 at signing to a $1.43 reference at closing, shrinking the treasury’s value to about $677 million—well below the more than $1 billion originally raised. About 80.3% of Armada’s shareholders redeemed their shares for roughly $10.58 each, extracting $195 million and leaving a thin float that briefly pushed the stock up to $53 before the close.
For traders, the headline is a stark reminder that the XRP exposure baked into XRPN is now markedly undervalued, putting pressure on sentiment and likely prompting short‑bias or defensive positioning in the token and the new ticker. While XRPN offers a regulated avenue for institutional money to gain XRP exposure without a wallet, the 40% price drop and $446 million loss on the original purchase suggest caution; investors may wait for a clearer upside catalyst or consider hedging against further downside. Monitoring XRP’s price action and any Ripple‑related developments will be key to timing any re‑entry or arbitrage opportunities.