Evernorth has received shareholder approval to merge with Armada Acquisition Corp. II, clearing the final major step before the XRP-focused treasury company becomes publicly traded.
The transaction is expected to close on October 7, with Evernorth’s Class A common stock scheduled to begin trading on Nasdaq the following day under the ticker XRPN. The company said the merger received approval at an Armada shareholder meeting held on September 30.
According to Decrypt, the merger and associated fundraising have generated more than $1 billion for the company, which describes itself as the largest publicly traded pure-play XRP treasury.
Funding and XRP holdings
The transaction is expected to provide approximately $300 million in gross cash proceeds before expenses. That total includes:
- $225 million from private placements
- $30 million from convertible-note financing
- About $48 million from Armada’s trust proceeds
Investors have also committed XRP directly. At closing, Evernorth expects to hold approximately 473 million XRP. The company said all of its committed funders are participating.
Evernorth was founded by Asheesh Birla, who said a public listing would give investors a regulated and transparent way to gain exposure to XRP and participate in the development of the blockchain economy.
Backers and treasury strategy
The company is backed by several major crypto-industry firms and investors, including Ripple, Pantera Capital, Kraken, SBI Group, GSR and Arrington Capital. Evernorth previously announced plans centered on an XRP holding worth about $685 million, within a Ripple-backed effort to raise $1 billion to acquire the token.
Its registration statement became effective following Securities and Exchange Commission review in late August. The planned listing places Evernorth within the expanding digital-asset treasury category. Companies in this model raise capital to accumulate a particular cryptocurrency, creating a close relationship between the company’s financial position and the asset’s market price.
Evernorth said it plans to increase its XRP holdings per share over time through yield strategies, participation in the XRP ecosystem and additional capital-markets activity. The approach follows a model associated with Strategy, the company led by Michael Saylor that pioneered a Bitcoin-focused corporate treasury strategy.
XRP market picture
Moneyiar market data at 09:28 on October 3, 2026, showed XRP trading at $1.482985858. The token was down 3.41% over 24 hours and 3.64% over seven days.
That price movement highlights the central exposure in Evernorth’s structure: the value of its treasury and the broader fortunes of the company will be closely linked to XRP, an asset whose price can move sharply in either direction. The public-market structure may make that exposure more accessible, but it does not remove the underlying volatility.
