The Largest XRP Treasury Goes Public, but Its Nasdaq Debut Ends in Red

Wall Street’s newest bet on XRP got off to a shaky start on Monday. Evernorth, a Ripple-backed company holding hundreds of millions of XRP, saw its Nasdaq stock surge before investors quickly sold the rally.

Evernorth Holdings (XRPN) climbed to $19.38 before falling to $16.39. Shares eventually closed at $16.91, down 1.05%, with nearly 1.29 million shares traded.

The stock recovered slightly after the closing bell.

The long-awaited listing followed a merger with Armada Acquisition Corp. II, completed on October 9. SEC filings reveal that holders of 80.3% of the SPAC’s redeemable shares had already chosen to cash out before the merger.

Will Evernorth’s Nasdaq Listing Push XRP Price Higher?

Evernorth entered Nasdaq holding approximately 473 million XRP, worth around $648 million at Monday’s token price of $1.37. The company also reported roughly $300 million in gross cash proceeds before expenses.

However, the listing does not automatically create fresh buying pressure for XRP.

According to SEC filings, much of Evernorth’s treasury came from investors contributing existing XRP in exchange for equity. Buying XRPN shares on Nasdaq does not directly trigger purchases of the cryptocurrency.

Meanwhile, XRP itself fell 3.03% over 24 hours, showing that the Wall Street debut failed to reverse the token’s weakness.

$XRP spot ETFs attracted $11.31 million in net inflows last week.Institutional demand for XRP is still coming through.Can that capital help drive the next move higher? pic.twitter.com/Nj0ndRnkmK

— That Martini Guy ₿ (@MartiniGuyYT) October 12, 2026

What Happens to XRP Next?

The bigger question is how Evernorth uses its capital. CEO Asheesh Birla said the company would pursue strategies designed to “grow XRP per share over time.”

New XRP purchases could create demand and support prices. Strong demand for XRPN shares could also help Evernorth raise additional capital to expand its treasury.

However, sustained weakness in the stock could make fundraising harder.

For now, XRP’s direction remains tied more closely to broader crypto market conditions. Investors should watch whether Evernorth announces actual token purchases rather than relying on its Nasdaq debut as a bullish signal.