Evernorth wins vote for Nasdaq listing as XRP treasury

Evernorth, an XRP treasury company backed by Ripple, cleared its last shareholder hurdle on Sept. 30, 2026 and expects to start trading on Nasdaq under the ticker XRPN on Oct. 8. Shareholders of Armada Acquisition Corp. II approved the merger at an extraordinary general meeting, the two companies said in an announcement on Oct. 1. Closing is set for Oct. 7 if the remaining conditions are met or waived.

The deal is expected to leave about $300 million in gross cash before expenses, made up of $225 million from related private placements, $30 million of new convertible notes and roughly $48 million left in the SPAC trust, according to the same statement. Investors have also contributed XRP directly, and the combined company expects to hold about 473 million XRP at closing. That would make it the largest publicly traded pure-play XRP treasury company, the companies said.

Founder and chief executive Asheesh Birla, a former Ripple senior executive, said going public gives investors a regulated and transparent way to hold XRP exposure and take part in the growth of the blockchain economy. The release names Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR among the backers. It adds that every advance and delayed funder is still taking part.

The vote itself was lopsided. About 20.5 million shares backed the combination and roughly 1.4 million opposed it, with shares equal to about 69 percent of eligible votes taking part, Unchained reported on Oct. 2, citing the vote tally Armada II filed with the SEC. Armada II shares already trade on Nasdaq under XRPN, and Evernorth stock is expected to take that ticker once the deal closes.

The headline cash figure needs care. The $225 million placement line combines $214.05 million of advance cash subscriptions with $10.5 million of delayed cash subscriptions, CryptoSlate wrote on Oct. 2 after reviewing the definitive proxy. The advance money had already done work: in November 2025 Evernorth reported buying about 84.37 million XRP at an average near $2.54, a purchase of about $214 million funded from those advance proceeds.

That leaves a smaller pool of fresh closing-linked cash. Delayed subscriptions of $10.5 million, the $30 million in conditional notes and the expected $48 million in trust proceeds add to roughly $88.5 million in gross sources if all three settle, before expenses and operating needs, according to that analysis. The $30 million note sale is itself conditioned on the closing, and the trust figure is the companies estimate before transaction costs.

The 473 million XRP forecast also mixes old and new tokens. The proxy describes a 50 million XRP related-party subscription and about 211.3 million XRP invested through the sponsor by RippleWorks, which could withdraw if the deal did not close. Contributed tokens enlarge the treasury without a matching market purchase, so a closing update would need to separate bought tokens from contributed ones to show fresh demand, the report noted.

Evernorth first surfaced in October 2025 with the Armada II merger already signed, pitching itself as an active alternative to a passive fund that would try to grow XRP per share through lending, liquidity work and DeFi yield. Unchained reported that SBI committed $200 million at launch and that Ripple chief Brad Garlinghouse plus executives Stuart Alderoty and David Schwartz were lined up as strategic advisers. The notes in the deal carry a 4 percent rate and fall due in 2031, with NH Investment and Securities as trustee for the buying fund.

Evernorth is one of many single-token treasury firms that have reached public markets since 2025. The model started with bitcoin and spread to ether, Solana and XRP, as Unchained noted on Oct. 2. Each of these vehicles asks public shareholders to pay for token exposure plus a management strategy, which leaves their shares exposed to discounts when the underlying token slips or when fresh buying fails to appear.

The next confirmations are procedural. A completed-closing statement would show the cash and tokens actually arrived, a net cash schedule would show what survived fees and operating costs, and acquisition disclosures pairing outflows with token quantities would show whether the money became added XRP. A holdings reconciliation separating bought tokens from contributed ones would complete the picture, as the CryptoSlate report laid out.

At an XRP price near $1.53 on Oct. 2, the expected 473 million tokens would be worth close to $724 million, based on CoinGecko figures in that account. What turns into added buying from here depends on how much cash survives fees and operating costs and how much of it the company directs into the market.