This content is for informational and educational purposes only and does not constitute financial advice. Always do your own research. Not financial advice (NFA).
This Week
XRP had a quiet week on the chart. It ends Sunday around $1.50, down 2%, after a tight range between $1.45 and $1.56. The rest of crypto edged up 0.3% to $2.98 trillion, so XRP gave up a little ground. Bitcoin holds 57.6% of the market. The Fear and Greed Index reads 65. That is still Greed, even with XRP sitting 59% below its all-time high.
So where was the action? On Nasdaq. A sleepy $10 stock called XRPN won its shareholder vote on Wednesday. By Friday it had gone vertical. XRPN is the shell company merging with Evernorth, which is set to hold about 473 million XRP. Now everyone is asking the same 3 questions. What is Evernorth? Why did the stock explode? And what is one share actually worth? The lead story answers all 3, with the maths.
Then there is Ripple. It put a year on using XRP to back loans for its payment customers, and that year is 2027. In Brazil, a market operator that handles trillions of dollars of assets started copying fund records onto the XRP Ledger. And the XRP stolen from Bitget? It is gone, swapped for bitcoin.
The Consensus
🏦 Evernorth won its vote and takes over the XRPN listing next week with about 473 million XRP.
💳 Ripple’s credit plan would use XRP as collateral for payment loans, with pilots aimed at 2027.
🇧🇷 Brazil’s CSD BR started copying fund ownership records onto the XRP Ledger.
🔓 Bitget’s stolen XRP was swapped into bitcoin, and Chainalysis has tied the theft to North Korea.
The Numbers
The Chart Watch
The Ripple Effect
🏦 Evernorth Wins Its Vote. Here Is What an XRPN Share Really Holds
On Monday 28 September, a Nasdaq stock called XRPN closed at $10.58. It had sat there for weeks. By Friday it closed at $39.42, after touching $53 during the day (StockAnalysis).
That is 273% in 4 trading days, close to close. At the $53 peak it was up 401%.
XRPN is about to become Evernorth, the company built to hold XRP. So what is it, why did the stock explode, and what is one share actually worth?
What is Evernorth?
Evernorth works like a box. Inside sit about 473 million XRP and some cash, and an XRPN share is a ticket to a slice of it.
Evernorth took a shortcut onto the stock market. In October 2025 it agreed to merge with Armada Acquisition Corp. II, a shell company already listed on Nasdaq with its investors’ cash parked in a trust. When the deal closes, every shell share becomes an Evernorth share, one for one.
Many of the backers sit close to Ripple. Japan’s SBI committed $200 million. Ripple, RippleWorks and co-founder Chris Larsen came in, alongside Pantera, Kraken and GSR (PR Newswire). Asheesh Birla, who joined Ripple in 2013 and later ran RippleNet, is the chief executive. Ripple’s chief legal officer, Stuart Alderoty, joins the board (TheStreet).
The plan was to finish in early 2026. It took almost a year.
Where did the XRP come from, and what did it cost?
Most of it was handed over as coins by people who already held them. RippleWorks put in 211.3 million XRP. Ripple put in 126.8 million. A Larsen family trust added 50 million, and other investors under 1 million (Armada proxy).
The rest was bought. On 4 November 2025 Evernorth spent $214 million on XRP. It got 84.4 million coins at an average of $2.54 each.
So 82% of the pile was handed over and 18% was bought. The handed-over coins were valued at $2.37 when the deal was signed. At that price the whole pile was worth about $1.12 billion. That is where the “over $1 billion” headline came from.
XRP is now about $1.50. The same pile is worth about $710 million, roughly $410 million less than on signing day. The coins Evernorth bought with cash are 41% below what it paid.
What did Wednesday’s vote decide?
The voters were Armada’s shareholders, the people who own the shell. The meeting ran on Wednesday 30 September, at noon Eastern, which is 5pm UK. The yes side counted 20,514,034 shares. Against it were 1,362,081. That is about 94% yes, with around 69% of all shares taking part (SEC).
Who were they? The filing names nobody. One big block was settled before the meeting began. Armada’s sponsor, the Arrington XRP Capital fund, owned about 26.2% of the shares and had agreed to vote yes. That is about 8.28 million shares. Without them, the rest still voted yes by about 9 to 1 (Armada proxy).
The vote was the easy part. Every public shareholder also had a second choice. They could keep their shares, or hand them back for about $10.52 each in cash from the trust. The deadline was Monday 28 September, at 5pm Eastern, which is 10pm UK.
Most took the cash. The trust held about $241.9 million in August. About $48 million of it is staying in (PR Newswire). On our arithmetic, roughly 80% of the 23 million public shares were handed back. The company has not published the exact figure yet.
Birla marked the result on X.
Why did the shares jump so much?
Small supply met big demand.
The supply shrank first. Every share handed back for cash disappears. On our arithmetic, only about 4.6 million public shares are left to trade. Evernorth’s founding investors only receive their shares when the deal closes, so none of theirs can trade yet.
Then the demand arrived. The vote removed the last doubt about the deal, and trading exploded. About 0.4 million shares changed hands on Monday. On Friday it was 9.13 million.
Friday's volume was about 2 times the whole tradable supply, in a single session.
What is one share actually worth?
The yardstick is net asset value, or NAV. NAV is what a company owns, minus what it owes, divided by the number of shares. For Evernorth, what it owns is mostly XRP.
The exact share count arrives with the closing filing. It depends on the cash-outs and on XRP’s price at closing, because the founding investors’ shares are set by XRP’s value that week. Our estimate, at XRP $1.50, is about 78 million to 86 million shares.
Spread across that many shares, 473 million XRP works out at about 5.5 to 6.1 XRP each. At $1.50 that is about $8.30 to $9.10 of XRP per share. The leftover cash adds roughly 50 cents. That puts NAV at about $8.80 to $9.70 a share.
Friday’s close was $39.42. That is about 4 times NAV. Put another way, a buyer at $39.42 paid about $6.50 to $7.20 for each XRP inside the share. On the open market the same XRP cost $1.50.
One widely shared figure needs care. CoinGecko’s treasury page shows 15 XRP per share and a market value of $1.25 billion. Both use the shell’s old count of about 31.6 million shares, before Evernorth’s founding investors receive theirs (CoinGecko).
