Evernorth has cleared a major step toward becoming a publicly traded XRP treasury company after shareholders of blank-check firm Armada Acquisition Corp. II approved their proposed business combination.
The transaction is expected to close on Oct. 7, with the combined company scheduled to begin trading on Nasdaq the following day under the ticker XRPN, provided the remaining closing conditions are met. The deal would give public-market investors exposure to a company whose primary treasury asset is XRP.
A $710 million XRP treasury
At closing, Evernorth expects to hold approximately 473 million XRP. Based on XRP’s price of about $1.50 when the announcement was published, that holding was valued at roughly $710 million. Evernorth said the size of the planned treasury would make it the largest publicly traded pure-play XRP treasury company.
The company’s backers include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. Evernorth plans to increase the amount of XRP held per share through yield strategies, participation in the XRP ecosystem and capital-markets activities.
The structure means Evernorth is not launching through a conventional initial public offering. Instead, it is combining with Armada Acquisition Corp. II, a special purpose acquisition company, or SPAC. A SPAC is a listed shell company that raises capital before identifying a private business to bring to public markets through a merger.
Financing and regulatory milestones
The deal is expected to generate about $300 million in gross cash proceeds. That total includes approximately $225 million from related private placements, $30 million in convertible-note financing and about $48 million held in Armada II’s trust. Investors have also contributed XRP directly to the transaction.
Evernorth filed its Form S-4 registration statement with the US Securities and Exchange Commission in March. The registration statement was declared effective in August, leaving shareholder approval as one of the key remaining steps before the proposed Nasdaq listing. The vote has now been completed, although the closing remains subject to other conditions.
According to Cointelegraph, the planned listing comes as crypto-related businesses continue to use SPAC mergers as a route to US public markets. Tokenization company Securitize began trading on the New York Stock Exchange in July after merging with Cantor Equity Partners II, while CoinShares listed on Nasdaq in April following a $1.2 billion merger with Vine Hill Capital Investment Corp.
Crypto SPAC market shows mixed results
The broader market has also produced setbacks for crypto treasury deals. Ether Machine abandoned its planned merger with Dynamix in April, citing unfavorable market conditions, and dropped plans for a $1.5 billion yield-bearing Ether fund through that transaction.
In July, Adam Back’s Bitcoin Standard Treasury Company and Cantor Equity Partners I scrapped the original terms of their proposed merger and postponed a shareholder vote indefinitely while negotiating revised terms intended to better reflect market conditions.
XRP market picture
Moneyiar data at 09:18 on Oct. 3, 2026, showed XRP trading at $1.4847948816, down 3.5% over 24 hours and 3.51% over seven days. At that price, the expected 473 million XRP treasury would have a market value of approximately $702.3 million, before considering any changes in the token balance or other transaction details.
