Key highlights:
- Evernorth shareholders approved the business combination, clearing a key hurdle ahead of its planned Nasdaq debut under XRPN.
- Evernorth expects to hold approximately 473 million XRP and has raised more than $1 billion through the transaction and related private placements.
- The company expects to close the deal on October 7 and begin trading on Nasdaq on October 8, subject to remaining closing conditions.
Evernorth has cleared a major hurdle on its path to becoming a publicly traded XRP treasury company after shareholders of Armada Acquisition Corp. II approved a proposed business combination. The transaction is expected to close on October 7, with the combined company set to begin trading on Nasdaq under the ticker XRPN on October 8, subject to the remaining closing conditions.
Evernorth targets 473 million XRP treasury
After the merger, Evernorth expects to hold around 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury company.
Per the announcement, the treasury includes XRP contributed directly by investors alongside the company’s financing. Evernorth also expects $300 million in gross cash proceeds, consisting of $225 million from related private placements, $30 million in incremental convertible note financing and roughly $48 million from Armada II’s trust, before transaction expenses.
The transaction and related private placements have raised more than $1 billion in commitments, with investors including Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR.
Evernorth plans to actively manage its XRP treasury through yield strategies, ecosystem participation and capital markets activities. The company has said its strategy is designed to increase XRP per share over time.
“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” said Evernorth CEO Asheesh Birla. “We’re grateful to our shareholders for their support as we complete this important transaction.”
Plans for the public XRP treasury firm first emerged in October 2025, with Evernorth and Armada Acquisition Corp II spending 12 months on the finer details of the proposed merger.
XRPN Can Begin Trading Next Week
The shareholder approval follows the SEC’s declaration that Evernorth’s Form S-4 registration statement was effective on August 27.
The September 30 shareholder meeting removed a key condition to the proposed combination, but the transaction has not yet closed. Evernorth and Armada still need to satisfy or waive the remaining closing conditions before the combination can be completed.
If the deal closes as planned, Evernorth will operate as Evernorth Holdings Inc., with its Class A common stock expected to trade on Nasdaq under XRPN beginning October 8.
At current XRP prices around $1.50, the planned 473 million XRP treasury represents around $710 million in cryptocurrency holdings. The listing would give public-market investors equity exposure to a company whose primary treasury asset is XRP, rather than direct ownership of the token.
Evernorth has been steadily increasing its XRP balance, raising $30 million in convertible notes from NH Investment & Securities. Keen on expanding the use cases of its XRP holdings, Evernorth is exploring DeFi opportunities by leveraging the XRP Ledger’s lending capabilities.
Source:: Evernorth Clears Shareholder Vote Ahead of Nasdaq Debut With 473M XRP Treasury