Evernorth Lists on October 8 With 473 Million XRP and More Than $1 Billion Behind It. What Does That Do to XRP?
Evernorth Lists on October 8 With 473 Million XRP and More Than $1 Billion Behind It. What Does That Do to XRP?
Sam DaoduFri, October 2, 2026 at 12:00 PM UTC
0
Tsikhanovich Alena / Shutterstock.comQuick Read -
Evernorth lists on Nasdaq October 8 holding 473 million XRP worth ~$720 million, but the listing won't create new demand since Ripple and partners already contributed those tokens.
Evernorth's lending strategy risks putting XRP into short sellers' hands, potentially adding supply pressure rather than lifting prices.
XRP's Binance Scarcity Index hit its lowest since January 2025 on September 29, signaling more tokens are exchange-ready and sellers may outnumber new buyers.
Building a portfolio and living off one are two completely different skills, and almost nobody teaches the second. This problem is what The Definitive Guide to Retirement Income helps, and it is free today. Read more here. (Sponsor)
Evernorth, a company backed by Ripple, is set to begin trading on Nasdaq under the ticker XRPN on October 8, 2026. The company will have around 473 million XRP (CRYPTO:XRP) on its balance sheet. Shareholders of Armada Acquisition Corp. II (NASDAQ:AACI) approved the merger with Evernorth on September 30, with an impressive vote tally of 20.5 million in favor and just 1.4 million against. The deal is expected to officially close on October 7.
So far, XRP holders have not reacted strongly to this news. As of October 2, XRP is trading at approximately $1.52, showing little change over the past week. This raises a key question: How will Evernorth's Nasdaq listing affect XRP's price?
Evernorth's $1 Billion Is Mostly XRP It Already Owns
danielberndt / Shutterstock.com
Evernorth's funding comes from a variety of influential investors, including Ripple, SBI Group, Pantera Capital, Arrington Capital, the crypto exchange Kraken, and the market maker GSR. The company's CEO, Asheesh Birla, is a former senior executive at Ripple who left the board to lead Evernorth.
Now Available: The Definitive Guide to Retirement Income
Many successful investors eventually reach the same moment. The saving is done, the portfolio is built, and the question quietly changes from how much can I grow this to how much can I take out? Get that second question wrong and decades of good investing can come apart in a handful of years.
That is exactly what The Definitive Guide to Retirement Income helps answer. It covers what your retirement could actually cost, which income sources are worth using, and the withdrawal math that decides whether the money lasts. It is free today from Fisher Investments. Read More Here ›
When we say Evernorth's value exceeds $1 billion, we mean a mix of XRP tokens and cash. The 473 million XRP it holds is valued at about $720 million at the current price of $1.52. Many of these tokens were contributed by investors like Ripple and were not newly purchased for this deal. Additionally, Evernorth has about $300 million in cash, largely from $225 million in private placements.
This breakdown affects how the listing influences the market. Since Evernorth already owns the XRP, its closing on October 7 won’t create new demand. Even if the company used its cash to buy XRP at $1.52, it could acquire roughly 200 million more tokens—just a fraction of the total $2.9 billion in XRP traded in a single day.
Advertisement
Evernorth Plans to Lend Its XRP, Not Just Hold It
Lisa Strachan / Shutterstock.com
Evernorth plans to use its XRP actively through lending, liquidity support, and other XRP-related activities. The goal is to increase the amount of XRP backing each share over time, which is a key performance metric for companies like this.
However, lending does carry risks that passive holding does not. If a borrower fails to return the tokens, Evernorth would face credit risks alongside potential price risks. Furthermore, lent XRP can end up with traders holding short positions who profit when prices drop, which increases market supply instead of reducing it.
Evernorth will also compete for investor funds with U.S.-based XRP exchange-traded funds (ETFs), which held about $1.71 billion in mid-September. This means that an investor buying shares in XRPN may choose Evernorth over an XRP fund, rather than creating fresh demand for the token.
Binance Holds More Tradable XRP as Evernorth Prepares to List
Patrik Unterhauser / Shutterstock.com
CryptoQuant's Binance XRP Scarcity Index, which tracks how scarce tradable XRP is on Binance, the largest crypto exchange, recently hit a low of -0.94 on September 29, the lowest since January 2025. A lower index indicates that more XRP is available for trading, as holders typically transfer coins to exchanges before selling.
The current market trend mirrors this caution. While XRP has rebounded 31% over the past 90 days, it is down about 18% for 2026 and still about 58% below its all-time high of $3.65. Many holders who purchased XRP in the last year are still at a loss, which could motivate them to sell during any price rise.
What Does Evernorth's Nasdaq Listing Mean for XRP?
Overall, the listing itself is unlikely to significantly affect XRP's price. Evernorth already possesses its 473 million XRP; its $300 million cash does not guarantee new purchases, and its lending strategy may even put more tokens in the hands of short sellers. The listing primarily benefits Evernorth's shareholders and Ripple, while XRP holders face an uncertain waiting period.
However, this situation could change after the closing on October 7. If Evernorth reveals plans to spend part of its cash buying XRP on the open market, the token could see a substantial new buyer enter the fray. Conversely, if no purchase plans materialize and the Binance index remains negative, additional supply on exchanges may weigh on XRP more than the new Nasdaq listing lifts it.
Released: The Definitive Guide to Retirement Income
(Sponsor) Most people spend their entire working lives focusing on one thing: growing a pile of money. Then they retire and discover the skill they actually need is close to the opposite. Turning that pile into steady income, year after year, through good markets and bad, without ever running out.
It may be the least discussed and most consequential transition in personal finance, and plenty of otherwise careful investors walk into it with no real plan. That is exactly what The Definitive Guide to Retirement Income helps answer. It is a free guide from Fisher Investments covering what your retirement will really cost, where the cash flow should come from, and how much you can safely withdraw each year. Learn more here. Learn More Here ›
Contact editorial@247wallst.com for any questions or corrections.
Source: “AOL Money”
