Evernorth’s Nasdaq-listed XRP treasury vehicle, trading under the ticker XRPN, has suffered a dramatic collapse just weeks after its much-anticipated market debut. After the merger between Evernorth and Armada Acquisition Corp. II was finalized in October, XRPN began trading on October 12, surging to an intraday high of nearly $53. By the end of the following week, the stock closed below $9, marking an 83% decline from its post-listing peak.
The stock hit a new local low of $8.35 during Thursday’s session before closing under $9. The slide continued on November 10, when XRPN plunged more than 23% to close at $7.96 immediately after a resale prospectus became effective.
Evernorth entered public markets with approximately 473 million XRP and around $300 million in gross cash proceeds. Unlike a passive holding vehicle, the company describes itself as an actively managed XRP treasury, aiming to increase “XRP per share” over time. CEO Asheesh Birla said the objective was to boost XRP holdings per share through institutional strategies, with Ripple, Coinbase, Kraken, and BitGo named as execution partners.
Major industry participants supported the transaction before the debut, including Ripple, SBI Group, Kraken, and Pantera Capital. However, the stock has significantly underperformed the underlying asset: XRP traded around $1.40 at the time of Evernorth’s debut and now sits just above $1.00, suggesting investors are abandoning the vehicle rather than XRP itself.
Additional pressure has come from a registration covering up to 73.69 million Class A shares for potential resale by existing securityholders, including entities associated with Ripple, Arrington XRP Capital, and SBI affiliates. While only about 19.1 million of the registered amount currently consists of issued Class A stock, the filing still weighed on sentiment. Evernorth also issued $30 million of 4% convertible senior notes to NH Investment & Securities with an initial conversion price of approximately $10.20 per share — a level now well above the battered stock price.
