Evernorth's $1 Billion XRP Treasury Clears Its Final Hurdle to Nasdaq

Shareholders approved Evernorth's merger with Armada II

Shareholders of Armada Acquisition Corp. II, a Nasdaq-listed blank-check company, approved its business combination with Evernorth at an extraordinary general meeting on September 30, 2026. The vote cleared a key step toward listing the XRP treasury company on Nasdaq. Armada II's filing reported about 20.5 million shares in favor and 1.4 million against, according to CoinDesk. Evernorth filed its registration statement with the U.S. Securities and Exchange Commission (SEC) in March and had it declared effective in August, according to Cointelegraph. Shareholder approval was one of the last steps before the planned debut. Earlier coverage: Ripple-Backed Evernorth Is One Vote From a Nasdaq XRP Listing →.

"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy. We're grateful to our shareholders for their support as we complete this important transaction.", 1 October 2026. — Asheesh Birla, Founder and CEO, Evernorth

The deal and placements raised more than $1 billion

Evernorth said the transaction and related private placements together raised more than $1 billion. The deal is expected to raise about $300 million in gross cash proceeds before transaction expenses. That cash includes $225 million from related private placements, $30 million of convertible note financing, and roughly $48 million of trust proceeds. The company reported that 100% of both advanced and delayed funders took part.

Evernorth expects to hold 473 million XRP at closing

At closing, Evernorth expects to hold approximately 473 million XRP, which it says would make it the largest publicly traded pure-play XRP treasury company. A pure-play treasury holds a single digital asset rather than a mix. Investors contributed XRP in kind alongside the cash raise. The firm currently holds about 347 million XRP, worth around $512 million, according to BitcoinTreasuries data cited by The Block. Evernorth's named investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

XRP traded near $1.52 at publication time

XRP traded at about $1.52 at publication time, up 1.2% over the past 24 hours (CoinPaprika, 2 October 2026). Trading volume reached about $2.2 billion over the same period. That price put the token's market value near $96 billion. At current prices, Evernorth's expected 473 million XRP would be worth roughly $710 million, according to Cointelegraph. XRP finished the third quarter of 2026 more than 40% higher, according to The Block. Evernorth plans to grow its XRP per share over time through yield strategies, ecosystem participation, and capital markets activities.

Nasdaq trading under XRPN begins October 8

The business combination is expected to close on October 7, 2026, subject to remaining closing conditions. The combined company will operate as Evernorth Holdings, Inc. Its Class A common stock is expected to begin trading on Nasdaq under the ticker XRPN on October 8, 2026. Evernorth joins spot XRP exchange-traded funds (ETFs) as a regulated route to XRP exposure, according to The Block. The listing offers investors exposure to XRP through a regulated and transparent company structure.

Primary source: Source ↗