Evernorth Begins Nasdaq Trading With 473 Million XRP

Evernorth began trading on Nasdaq on October 12 after completing its merger with Armada Acquisition Corp. II, entering public markets with a reported treasury of about 473 million XRP and approximately $300 million in cash before transaction expenses. The company’s shares trade under the ticker XRPN. Evernorth said its holdings at closing included the XRP and cash, while the reports of those balances trace to company disclosures. The merger was completed on October 9, according to the supplied reports. Evernorth also named Hugo Jeandesboz chief investment officer on October 12. His remit includes managing the company’s treasury and XRP holdings. Jeandesboz previously worked at Coinbase Asset Management, where he managed investment strategies for institutional clients and led derivatives trading, according to the reports. The company says it plans to move beyond simply holding XRP. Its intended strategies include lending, providing liquidity and pursuing other yield opportunities, with the stated goal of increasing the amount of XRP backing each share. The company has not reported realized returns from these activities in the supplied information.