Evernorth has cleared another major step toward becoming a publicly traded XRP treasury company after Armada Acquisition Corp. II shareholders approved the proposed business combination on September 30, 2026.
The transaction is currently targeted to close on October 7, with the combined company expected to begin trading on Nasdaq under the XRPN ticker on October 8. Evernorth expects its XRP holdings to reach about 473 million tokens at the time of closing.
The shareholder vote removes a key condition of the proposed transaction, although the deal remains subject to other closing requirements being satisfied or waived. Evernorth and Armada II outlined the remaining conditions in an October 1 announcement.
The transaction is expected to provide approximately $300 million in gross cash proceeds before expenses. Evernorth says its anticipated 473 million XRP treasury would make it the largest publicly traded pure-play XRP treasury company, though that position depends on the transaction closing as planned.
The company also said that all of its advanced and delayed funders are participating. The disclosed backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
What XRPN Investors Would Own
Evernorth plans to offer investors exposure to XRP through shares of the publicly traded company rather than direct ownership of the cryptocurrency. The company describes its planned structure as regulated, liquid, and transparent.
Its strategy is designed to increase XRP per share through yield strategies, participation in the XRP ecosystem, and capital markets activity. However, the anticipated 473 million XRP treasury would rise or fall in dollar value as the market price of XRP changes.
Asheesh Birla, Evernorth’s founder and CEO, said the public listing is intended to provide investors with a regulated and transparent route to XRP exposure while participating in the broader blockchain economy.
Armada II, a Nasdaq-listed special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP, has disclosed risks surrounding the transaction. These include XRP volatility, shareholder redemptions, regulatory developments, Nasdaq listing requirements, and Evernorth’s ability to implement its treasury strategy.
The SEC’s effectiveness of the registration statement allowed the transaction process to continue, but the companies noted that the regulator did not approve or disapprove the merits or fairness of the deal.
The size of the XRP treasury alone will not determine the outcome of Evernorth’s strategy. Activity across the XRP Ledger, including developments involving lending governance, provides broader ecosystem context but does not guarantee that Evernorth will generate yield or increase XRP per share.
The deal’s next scheduled milestone is October 7, when the transaction is expected to close if all outstanding conditions are satisfied or waived. After closing, the company is expected to operate as Evernorth Holdings, Inc., with Class A shares planned to begin trading on Nasdaq under XRPN on October 8.
Both dates remain subject to completion of the transaction. Evernorth and Armada II have warned that unresolved closing conditions, financing issues, Nasdaq listing requirements, shareholder redemptions, XRP price movements, or regulatory changes could affect the deal and the treasury’s economics.
The shareholder approval advances Evernorth’s planned public-market debut, while the October closing and subsequent Nasdaq listing remain the key events still ahead.
