Ripple-backed Evernorth completed its SPAC merger with Armada Acquisition Corp. II on October 9 and expects to list on Nasdaq on October 12 under the ticker XRPN. The company will bring approximately 473 million XRP into a publicly traded treasury company, with roughly $300 million in gross cash proceeds. The listing provides investors exposure to one of the largest corporate XRP treasuries, with backing from investors including Ripple, SBI Group, Pantera Capital, Kraken and GSR. However, an unusual accounting complication arises from Evernorth’s relationship with Ripple: the company must use a historical cost model for XRP that recognizes impairment losses but prohibits reversals when prices recover, creating a potential gap between its treasury’s market value and its financial statement carrying value.
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