Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid

Evernorth, the Ripple-backed company built to stockpile XRP, started trading on the Nasdaq on Monday under the ticker XRPN, giving anyone with a regular brokerage account a way to bet on the cryptocurrency without ever opening a crypto wallet. The listing caps a merger with Armada Acquisition Corp. II that closed on Friday . Armada was a SPAC, short for special purpose acquisition company: a listed shell with no business of its own that raises cash, parks it in a trust, and waits to merge with a private firm that wants to skip a traditional IPO.