Evernorth XRP Treasury Receives Shareholder Approval, Awaits October Finalization
Armada Acquisition Corp. II shareholders greenlit the proposed merger with Evernorth during an extraordinary meeting on September 30, 2026, removing a key obstacle for the anticipated public listing. The agreement is expected to finalize on October 7, with trading set to commence on Nasdaq under the ticker XRPN beginning October 8; Evernorth projects it will hold roughly 473 million XRP at the time of completion.
The shareholder decision eliminates a primary contractual requirement. On October 1, both Evernorth and Armada II confirmed that the merger remains contingent upon fulfilling or waiving the remaining closure requirements.
The approximate $300 million valuation reflects pre-expense cash inflows. Upon completion, Evernorth anticipates holding about 473 million XRP. The firm states this would position it as the largest publicly traded XRP-exclusive treasury entity, though both the holdings and market standing remain forward-looking until the deal concludes.
Evernorth confirms full participation from all lead and follow-on investors. Its roster includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company’s public-market framework aligns with a wider movement toward institutional financial systems built on the XRP Ledger.
Evernorth founder and CEO Asheesh Birla positioned the public offering as a market-driven pathway to XRP access. “Going public will provide investors with a regulated, transparent means of gaining XRP exposure and participating in the blockchain economy’s expansion,” Birla noted.
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XRPN to Provide Equity-Based Access
Evernorth aims to evolve into a publicly traded digital asset fund delivering XRP exposure via a structure described as regulated, liquid, and transparent. Its objective involves pursuing strategies designed to boost XRP per share through income generation, network engagement, and capital markets operations.
XRPN shares would denote equity stakes in the merged entity rather than direct XRP ownership. The projected 473 million XRP reserve would fluctuate in USD value as XRP pricing shifts; supply trends represent one metric investors might monitor when evaluating the treasury’s market sensitivity.
Armada II is a Nasdaq-traded special purpose acquisition company backed by Arrington XRP Capital Fund, LP. The joint statement also highlights potential risks including XRP price swings, investor redemptions, regulatory shifts, meeting exchange criteria, and Evernorth’s capacity to implement its treasury initiatives.
SEC review of the registration filing allowed the process to advance; the disclosure notes that the SEC did not evaluate the transaction’s merits or fairness.
Strategic direction depends on execution, not solely on treasury scale. Developments like XRPL lending protocols offer context for network activity, but don’t guarantee that Evernorth will generate returns or enhance XRP per share.
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XRP Awaits Conditional October Listing Updates
The next milestone is the anticipated October 7 completion, pending resolution of outstanding requirements. Should the deal close, the merged entity would function as Evernorth Holdings, Inc., with its Class A shares slated to begin trading on Nasdaq under XRPN on October 8.
These timelines serve as targets, not finalized outcomes. Risk factors include potential failure to meet closure conditions or funding, inability to satisfy Nasdaq listing criteria, redemption impacts on public float, and how XRP price movements and regulatory changes might affect treasury economics.
The shareholder vote moves the process forward; market updates regarding the closure and initial trading will reveal whether the XRP treasury launches publicly as scheduled.