Evernorth Holdings shares rise 5% in Nasdaq debut as XRP treasury firm goes public

Evernorth Holdings started its life as a public company on a positive note. Shares of the XRP-focused treasury firm rose 5% on their Nasdaq debut on October 12, 2026, trading under the ticker XRPN. The debut makes Evernorth what its backers describe as the first dedicated public vehicle built around XRP. Investors who want exposure to the token without dealing with wallets, keys or exchanges now have a stock to buy instead. A volatile first day of trading The opening pop was only part of the story. At its intraday high, the stock climbed as much as 13.43% above its starting level. That enthusiasm cooled as the session went on. Shares ultimately closed about 1.5% higher, a far more modest result than the morning peak suggested. Evernorth reached the market through a merger with Armada Acquisition Corp. II, a special purpose acquisition company. A SPAC is essentially a shell company that raises money first and finds a business to merge with later, giving that business a faster path to a public listing than a traditional IPO. The listing was originally slated for October 8 but slipped because of administrative issues. Shareholders eventually signed off on the deal, and the merger clos...