By Finbold | Created at 2026-10-02 13:09:42 | Updated at 2026-10-02 14:26:25
2 hours ago
Evernorth, the largest public XRP treasury company by Ripple and SBI, is getting closer to its expected October 7 NASDAQ debut under the ticker XRPN after shareholders approved its business merger with Armada Acquisition.
The company plans to hold approximately 473 million XRP at closing, which would put the market value of its XRP treasury at roughly $710 million at the current XRP price of around $1.5.
Looking at the data, though, market analyst Matthew, MBA, noted that the valuation could reach $750 million if XRPN share prices land around $24.
As he noted, Evernorth currently holds roughly $413 million worth of XRP at book value. This figure represents the carrying value of its existing XRP holdings and does not reflect the market value of the full XRP treasury expected after the merger.
“At ~$24, XRPN trades at a $750m market cap. They have $413M XRP on their balance sheet. At $1.5/XRP this is right about in line with their book value. Plan accordingly,” Matthew wrote.
At ~$24, $XRPN trades at a $750m market cap.
They have $413M ripple:native on their balance sheet.
At $1.5/XRP this is right about in line with their book value.
Plan accordingly.
Evernorth’s NASDAQ listing approaches
Before the final contributions associated with the merger, Evernorth’s existing holdings are approximately 347 million XRP.
Evernorth has also received more than $1 billion in investment commitments backed by Ripple, SBI, and other investors. Notably, SBI has committed $200 million in cash, while the broader $1 billion-plus figure includes XRP contributed in kind and other related placements.
The expected gross cash proceeds at closing are approximately $300 million, while the larger $1 billion-plus figure reflects the value of XRP contributions and other related investments.
With the company expecting to hold approximately 473 million XRP at closing, the listing is set to make it “the largest publicly traded pure-play XRP treasury company,” as the official press release put it.
XRP itself reacted positively to the news, rising nearly 4% on October 2, with near term price predictions suggesting even further upside.
Featured image via Shutterstock
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