Evernorth, the Ripple-backed company, started trading on Nasdaq under ticker XRPN on Monday, holding approximately 473 million XRP and $300 million in gross cash. The treasury is worth roughly $677 million at the $1.43 XRP reference price, well below the more than $1 billion originally pitched when the deal was signed at $2.37. About 80.3% of Armada’s public shareholders exercised redemption, pulling roughly $195 million out of the deal. Tokyo-listed SBI Holdings now controls 39.9% of Evernorth’s voting shares.
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