Holding 470 million XRP and 300 million dollars in cash.

Written by: Wenser, Odaily Planet Daily

In October, Ripple's ecosystem reached a new milestone — the largest DAT treasury company Evernorth completed its merger and officially listed on Nasdaq.

On October 9, Evernorth completed its business combination with SPAC Armada Acquisition Corp. II, resulting in approximately 473 million XRP and 300 million dollars in cash entering the public market. On October 12, Evernorth opened trading on Nasdaq under the ticker XRPN, rising over 15% at the opening before the price fell back to close at 16.9 dollars. Over the past month, Evernorth's stock price briefly surged to 53 dollars, with a peak increase of nearly 4 times.

As an important channel connecting traditional capital markets, can XRPN convert the narrative of the XRP treasury into a long-term entry point for institutional funds? The real test has just begun.

XRPN Targets Wall Street Liquidity, Aiming to Become the Next "MSTR"

As the main force behind this nearly 1 billion dollar merger, Evernorth is led by former Ripple executive Asheesh Birla as founder and CEO, with investors including Ripple, SBI Group, Arrington Capital, Pantera, Kraken, GSR, and others.

Of these, SBI Group and Arrington Capital control significant voting rights, particularly the former, which has been an active supporter of the XRP ecosystem in the crypto market. Furthermore, the support for XRP in the Japanese crypto market is evident, with XRP's trading volume and ecosystem activity once closely following BTC and ETH. Having provided the background, let's discuss the year-long "long birth experience" of XRPN.

Embryonic Stage: 1 Billion Dollar Fundraising, Shell Company Listing

Last October, the Ripple-backed cryptocurrency company Evernorth announced its plans to list on Nasdaq through a merger with Armada Acquisition Corp II (AACI.O), expecting to raise over 1 billion dollars, which includes a 200 million dollar investment from SBI, as well as joint investments from leading digital asset and fintech institutions and investors like Ripple, Rippleworks, Pantera Capital, Kraken, GSR, among others. Ripple co-founder Chris Larsen also participated in the investment.

The company plans to become the largest XRP funding pool and the U.S.-listed company holding the most XRP, and this transaction is expected to complete by the first quarter of 2026.

Following the "DAT frenzy" in the crypto market since June last year, the officially supported XRP treasury company Evernorth had already mapped out its "route" and approach to entering traditional financial markets. However, following the "October 11 epic crash," the DAT model faced strong skepticism, and the merger, originally planned for completion in Q1 of 2026, had to be postponed repeatedly over time.

It is worth noting that at that time, Evernorth's XRP holdings had grown to 389 million tokens, valued over 1 billion dollars at a coin price of 2.6 dollars, with a paper profit of over 50 million dollars.

Pain Period: Holdings Increased to Over 470 Million, Asset Impairment Reached 233 Million Dollars

The good times didn't last long. Alongside the overall decline of the crypto market, XRP couldn't stay apart, and the treasury company became part of the domino effect.

In March this year, Evernorth Holdings disclosed in the related S-4 filing for its SPAC listing that it recorded an approximately 233.7 million dollar impairment of its digital assets in 2025, mainly due to the discrepancy between acquisition costs and market prices during the reporting period.

The document showed that by the end of 2025, Evernorth and Pathfinder Digital Assets (a wholly-owned subsidiary of Ripple Labs, Inc., core operator of Evernorth) held approximately 473.1 million XRP, with the company acquiring 84.4 million XRP for about 214.1 million dollars, at an average cost of approximately 2.54 dollars per token, while the XRP price fell to about 1.45 dollars, representing a decline of about 35% from the cost.

Evernorth stated that it plans to introduce RLUSD stablecoins to participate in decentralized financial transactions within the XRP ecosystem, including building RLUSD/XRP liquidity pools, as well as enhancing asset returns through lending XRP, providing AMM liquidity, and employing options strategies (such as covered calls and cash-secured puts). It is clear that Evernorth's operational approach differs fundamentally from passive income DAT companies like Strategy and Bitmine from the outset.

Final Chapter: Holding 470 Million XRP, 300 Million Dollars in Cash

Fast forward to September this year, according to an 8-K filing disclosed by the U.S. SEC, Evernorth Holdings signed a bond purchase agreement with NH Investment & Securities, intending to issue convertible preferred notes worth 30 million dollars to the investment trust it represents. The interest on these notes is to be paid in kind (PIK) and may be counted towards the principal of the bonds. The raised funds are intended for general corporate purposes, including purchasing XRP and conducting XRP ecosystem-related businesses. This bond issuance is contingent on the completion of the business combination between Evernorth and the special purpose acquisition company Armada Acquisition Corp. II, which is expected to happen concurrently with the merger transaction in the fourth quarter of 2026.

After nearly a year of long waiting and having sufficient liquidity and a sizeable XRP holding, Evernorth's merger with Armada Acquisition Corp II has finally reached its conclusion, and after officially completing the merger on October 9, XRPN was launched, opening trading on Nasdaq on October 12, Eastern Time.

The merged company retains the name Evernorth Holdings Inc, positioned as an "actively managed treasury," planning to enhance the value of "per share XRP" through lending, liquidity provision, DeFi strategies, and XRPL infrastructure investments, benchmarking itself against BTC DAT company Strategy.

As of the time of writing, XRPN's after-hours price reported at 16.9 dollars, with a decline of up to 56.65% in the past five days. To some extent, the origin of the DAT treasury determines that XRPN still cannot escape the market laws of volatility.

Opening the Door to Traditional Financial Markets with Capital Stories, Rebuilding RWA Assets and Ecological Channels

With its birth intertwined with countless unseen efforts, XRPN's emergence cannot be viewed solely as an independent DAT company; it carries aspirations perhaps to create the next "Strategy-like miracle" for the XRP ecosystem, Ripple, and more.

Analyzing XRP Trends from ETF Data: Ripple is not Satisfied with a Single Capital Channel Entry

According to SoSoValue data, during the trading days last week (Eastern Time October 5 to October 9), the net inflow into the XRP spot ETF reached 11.3068 million dollars, of which the Bitwise ETF XRP had the largest net inflow of 10.5514 million dollars for the week, and the total historical net inflow for XRP has reached 688 million dollars; followed by Franklin Templeton ETF XRPZ, with a weekly net inflow of 4.0962 million dollars, bringing XRPZ's total historical net inflow to 509 million dollars.

The largest net outflow for last week was from the Canary ETF XRPC, with a weekly net outflow of 3.3407 million dollars, and the total historical net inflow for XRPC has reached 487 million dollars.

As of just before publication, the total net asset value of XRP spot ETFs was 1.57 billion dollars, with the ETF net asset ratio (market cap relative to total XRP market cap) reaching 1.80%, and the historical cumulative net inflow has reached 1.8 billion dollars.

Although the data appears impressive, a million-dollar inflow in a single week and a total asset scale of less than 20 billion dollars is merely a drop in the bucket compared to the hundreds of billions and trillions in the traditional financial market. If XRPN aims to gain broader liquidity participation and attention from the traditional financial industry, its subsequent developments are indispensable.

The Long-Tail Value of XRPN: New Exposure, New Integration, New Model

After the company's merger and listing, XRPN's main value will manifest in the following aspects:

Firstly, it provides institutional investors like pension funds, RIAs, and corporate treasuries, which cannot hold crypto assets directly, an equity form of exposure to XRP assets;

Secondly, the company will further promote deep integration of crypto assets with the TradFi market, positioning XRPN as a capital bridge supporting tokenized securities, on-chain credit, etc., complementing trends like stablecoins and RWA. This is also a potential benefit of XRPN's choice of "actively managed model" to create ecological value;

Lastly, as XRPN officially mentions, the company is dedicated to enhancing the value of "per share XRP," similar to how Strategy aims to enhance "per share BTC value," which will subsequently further promote XRP's evolution from being merely a payment tool and a single cryptocurrency to becoming a broader institutional financial infrastructure. Just as Strategy extensively evangelizes and continuously promotes BTC, XRPN will also expand XRP's global influence and capital reach.

Of course, the birth of XRPN is primarily driven by Ripple's senior executives and relevant institutions, and the active management DAT company's operational model does not guarantee that an increase in XRP holdings will necessarily lead to a rise in the XRP token price or trigger a surge in the various markets and applications within the XRP ecosystem. Moreover, the related holdings of XRPN mainly derive from contributions by Ripple and its cooperative partners, to put it bluntly, it's transferring from one hand to another. While it seems to create a new asset class that increases asset liquidity and transparency, it simultaneously amplifies the volatility and risk of the stock market. In the short term, it may be worth speculative participation, but in the medium to long term, it remains highly dependent on XRPN's actual operational efficiency and revenue performance.

The stock market sometimes acts as a mirror; it reveals whether one is a deity or a demon, and time will provide the answer.