October 17, 2026 – The Nasdaq-listed company named Ripple, Kraken, Coinbase, and BitGo as execution partners for a 473m token holding worth about $628m.
In Summary
Evernorth says it holds 473m XRP and will deploy through institutional partners from the fourth quarter.
Ripple, Kraken, Coinbase and BitGo are the named inaugural execution partners.
The company listed on Nasdaq as XRPN on 12 October after merging with Armada Acquisition Corp. II.
Filings show 23.6m Class A shares, 31.4m Class C shares and 23.0m exchangeable units.
XRP fell from $2.36609 at signing to $1.43069 at closing, cutting the effective subscription price.
Evernorth Holdings plans to put its XRP treasury to work. The company says it holds 473m XRP. Moreover, it named Ripple, Kraken, Coinbase and BitGo as its first institutional execution partners. Work with them begins in the fourth quarter.
Scale gives the plan weight. At a spot price of $1.3272 on 14 October, that holding is worth about $628m. The figure is a Catenaa calculation using Kraken market data. Prices move, so the number moves with them.
How the XRP treasury came together
The company reached Nasdaq through a merger. Evernorth closed its business combination with Armada Acquisition Corp II on 9 October, as its Form 8-K shows. Shares began trading on 12 October under the ticker XRPN. Warrants trade as XRPNW.
Token contributions built the treasury. For instance, a Series C subscription delivered about 211.3m XRP. Ripple itself contributed roughly 126.8m. Another related party entity added 50m, while funding tranches supplied a further 0.8m.
Those lines total about 388.9m XRP, a Catenaa sum. The company’s stated holding of 473m therefore exceeds the closing deliveries. However, Evernorth has not broken out the difference in its filings. Investors should treat the 473m figure as a company statement.
The share structure is unusual
Meanwhile, three instruments make up the equity. A corrected filing lists 23,638,882 Class A shares and 31,392,746 Class C shares. In addition, Pathfinder Digital Assets issued 22,953,128 exchangeable units. That filing also fixed an earlier clerical error.
Add the three together, and the result is 77,984,756 units. On that basis, the treasury equals about 6.07 XRP per share. At spot, that works out to near $8.05 of token value per share. Both figures are Catenaa calculations.
Pricing moved sharply before closing
Deal terms tracked the token. Subscriptions priced off $10.00 per share, then scaled by the ratio of the closing XRP price to the signing price. The closing price was $1.43069, against $2.36609 at signing. Hence the effective price landed near $6.05.
Spot has slipped further since. XRP traded at $1.3272 late on 14 October, roughly 7% below the closing reference. Token treasuries carry that risk by design. Therefore investors hold price exposure, not a hedged position.
Sponsor control adds another wrinkle. The sponsor holds 92.5% of the Class C stock, according to the corrected filing. Former SPAC public holders own 20.5% of Class A. So voting power sits well away from the open market.
What the company has not said
Even so, detail remains thin. Evernorth has not assigned a specific role to each partner. Likewise, it published no yield target, no fee split and no custody breakdown. Even the Nasdaq registration statement leaves those terms open.
Later phases depend on the network itself. The company says it will add decentralised finance strategies once XRP Ledger lending goes live. That capability does not exist yet. So the first phase relies entirely on established counterparties.
Agreements also carry conditions. Evernorth states that partnership deals remain subject to closing conditions and regulatory approvals. Watch its prospectus and later filings for the first disclosed deployment.
