Evernorth’s XRP Treasury Vote Has Passed: Here’s What It Means for XRP Holders
Evernorth just won its shareholder vote and is days away from trading XRP on Nasdaq, but a massive paper loss and no commitment to buy more coins raises serious questions about what this company actually means for XRP's price.
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Evernorth, a company established to manage XRP (CRYPTO:XRP), cleared its final shareholder vote. Shareholders of Armada Acquisition Corp. II approved the merger, allowing Evernorth’s XRP treasury—approximately 473 million coins—to begin trading on Nasdaq under the ticker XRPN starting October 8.
Evernorth invested an average of $2.54 per XRP to buy 84 million coins on the open market, while XRP traded at $1.49 as of October 1. This raises an important question for both Evernorth shareholders and XRP holders: What comes next?
The Evernorth XRP Treasury Starts Trading on Nasdaq on October 8
The trading debut on Nasdaq on October 8 is set to provide Evernorth with significant financial resources. The merger will generate about $300 million in gross cash from private placements, $30 million in convertible notes, and other funds left in Armada’s trust.
Notable companies such as Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital support Evernorth, and its CEO, Asheesh Birla, said going public gives investors “a regulated, transparent way to own XRP exposure.” At the current XRP price of $1.49, the total value of Evernorth’s 473 million XRP is approximately $705 million, making up about 0.5% of XRP’s total supply.
Evernorth Holds 84 Million XRP at an $88 Million Paper Loss
Evernorth’s decision to purchase 84.4 million XRP at $2.54 each on November 4, 2025, for about $214 million now appears to be a loss-making move. At the current XRP price, those coins are worth about $126 million, a loss of about $88 million, or 41%.
Holding coins at a loss limits a company’s flexibility. Selling XRP to raise cash would lock in these losses. Additionally, Evernorth faces obligations under its $30 million in convertible notes, which carry a 4% interest rate and must be repaid by 2031 unless it becomes viable to swap them for shares.
While XRP has risen 37% over the last 90 days, it is still down about 19% in 2026 and remains around 59% below its peak of $3.65 in July 2025. Many investors, including those who bought XRP at prices above $2.75, continue to await a market recovery.
Evernorth Has Not Committed to Buying More XRP After the Listing
Evernorth has not committed to acquiring more XRP after the October 8 listing. There is no mention of a lockup period—a promise not to sell for a certain timeframe—and Ripple or any backers have not committed to increasing Evernorth’s holdings. Therefore, Evernorth’s past purchases offer little insight into future demand for XRP.
Moreover, Evernorth must compete for investor interest against simpler options, such as buying XRP directly on exchanges or through XRP ETFs, which do not carry corporate debt. After the listing, Evernorth will need to find ways to generate funds consistently to support further purchases.
What Happens Now for the Evernorth XRP Treasury and XRP Holders?
Evernorth’s shareholders stand to benefit significantly from the successful vote, as the listing provides access to around $300 million in cash and the ability to tap into public markets. Conversely, XRP holders may not see immediate benefits; the vote does not guarantee new buyers and leaves Evernorth holding a portion of its treasury at a 41% loss.
Evernorth’s future could swing in either direction. If XRP prices remain low and its debts come due, Evernorth may have no choice but to sell.
However, if future filings show new purchases backed by fresh capital, it could emerge as a consistent buyer in the market. If they instead document sales or if XRP value remains below $2.54 as 2031 nears, the treasury may pose a risk as a potential source of market supply.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
