Evernorth's Nasdaq Debut Slips to Monday as XRP Drops to $1.32

Evernorth was supposed to have its big day on Wall Street today. The company, which holds about 473 million XRP, now expects its shares to start trading on the Nasdaq under the ticker XRPN on Monday, October 12, after what it called an administrative delay. XRP didn't wait around. The token dropped as low as $1.32 on Thursday and was trading near $1.37 in the evening.

The listing comes out of a merger with Armada Acquisition Corp. II, a blank-check company already listed in New York. Its shareholders approved the deal on September 30 and the plan was simple enough: close on October 7, start trading on October 8. Evernorth counts Ripple, SBI Group, Pantera Capital, Kraken and GSR among its backers. The idea is a public company built around one asset. A Strategy-style treasury, only for XRP.

Not all of those 473 million XRP were bought in the market. According to Evernorth's own filings, about 84 million XRP were purchased with cash in late 2025, at an average of roughly $2.54. Ripple agreed to contribute about 127 million and an XRP fund run by Arrington Capital brought in around 211 million. The merger itself is expected to raise about $300 million in gross cash. So most of the treasury already exists, and new buying can only come from fresh money.

The market had other things on its mind today. Bitcoin slid to around $81,500 with an intraday low near $80,400 on CoinGecko, and XRP went with it, down more than 6% at the low before a bounce. In the MCO Terminal, open interest on Binance's XRP perpetual futures fell 7.6% in 24 hours and funding turned slightly negative. A good part of the leverage got flushed out. That's usually how these drops clean themselves up.

Monday is now the date to watch. A listed XRP treasury gives stock investors a new way into the asset, and plenty of headlines this week talked about a supply crunch. The numbers look smaller than that. The fresh cash from the deal is about $300 million, and Ripple's escrow releases 1 billion XRP on the first of every month, with 700 to 800 million usually going back. In September, 300 million stayed out.

So the debut is a real milestone for XRP. It just won't bring a mountain of new demand on day one. Worth watching how XRPN trades in its first week, and whether the US spot XRP ETFs pick up their buying again. They have been pretty quiet these last two weeks.