Evernorth's XRPN Plummets 83% Amid Wall Street Turmoil

XRP on Wall Street Turns Ugly: Evernorth’s XRPN Crashes 83% in a Month

The much-anticipated merger between Evernorth and Armada Acquisition Corp. II, finalized in October, has seen its joint venture’s stock plummet on Nasdaq. What was heralded as a significant step for XRP’s integration into traditional finance has devolved into a dramatic downturn, with XRPN shares falling from an intraday high of over $52 on its debut to single digits.

By the close of the previous business week, XRPN was trading below $9. It hit a new local low of $8.35 during Thursday’s session, a day marked by significant volatility in both the crypto market and on Wall Street. The stock’s peak of nearly $53 was reached shortly after its launch. This represents an approximate 83% loss in value from its post-listing high.

The sharp decline is particularly striking given the considerable excitement surrounding Evernorth’s Nasdaq debut on October 12. The company entered public markets holding approximately 473 million XRP and around $300 million in gross cash proceeds. It positioned itself as an actively managed XRP treasury, rather than a simple holding vehicle for the token.

In the months preceding its launch, major entities including Ripple, SBI Group, Kraken, and Pantera Capital were involved in the broader transaction. Subsequently, Evernorth appointed Ripple, Coinbase, Kraken, and BitGo as execution partners for its plans to deploy the XRP treasury into institutional strategies. CEO Asheesh Birla stated the objective was to increase “XRP per share” over time.

However, the company’s stock performance has significantly underperformed the underlying cryptocurrency. XRP was trading around $1.40 at the time of Evernorth’s debut and is now just above $1.00.

Some observers on X, such as user daolang 589, suggest that investors have not abandoned XRP itself, but rather the company established to offer public market exposure to the cross-border token.

Evernorth recently registered up to 73.69 million Class A shares for potential resale by existing securityholders, including those affiliated with Ripple, Arrington XRP Capital, and SBI. This filing does not confirm that these holders have already sold their shares, as only about 19.1 million of the registered amount currently comprises issued Class A stock. Additionally, many other securities require conversions or exchanges, and some remain subject to lockup periods.

Despite these nuances, XRPN plunged by over 23% on November 10 alone, closing at $7.96 immediately after the final resale prospectus became effective. The company also issued $30 million of 4% convertible senior notes to NH Investment & Securities, with an initial conversion price of approximately $10.20 per share. With XRPN currently trading below this level, the conversion price has become another significant benchmark for the struggling stock.