Evernorth XRP Treasury Deal Passes Vote as October Closing Nears

Evernorth has taken another 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 deal is expected to close on October 7, with the combined company scheduled to begin trading on Nasdaq under the XRPN ticker on October 8. Evernorth expects to hold approximately 473 million XRP once the transaction is completed.

The shareholder approval satisfies one of the transaction’s key conditions, although several other closing requirements remain. According to an October 1 announcement from Evernorth and Armada II, those conditions must still be satisfied or waived before the deal can close.

The transaction is expected to generate roughly $300 million in gross cash proceeds before expenses. Evernorth estimates that its treasury will contain about 473 million XRP at closing. The company says that amount would make it the largest publicly traded pure-play XRP treasury company, though the position remains dependent on the successful completion of the deal.

Evernorth said all advanced and delayed funders are participating in the transaction. Its disclosed investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

XRPN Shares Will Represent Company Equity

Under the planned structure, investors buying XRPN shares would receive equity in Evernorth Holdings rather than direct ownership of XRP. The company intends to provide market-based exposure to XRP through its corporate treasury.

Evernorth’s strategy includes pursuing yield opportunities, participating in the XRP ecosystem, and using capital markets activities with the stated aim of increasing XRP per share. The dollar value of its 473 million XRP holdings, meanwhile, would fluctuate with the cryptocurrency’s market price.

Asheesh Birla, Evernorth’s founder and CEO, said the public listing is intended to give investors a regulated and transparent way to obtain XRP exposure and participate in the broader blockchain economy.

Armada II is a Nasdaq-listed special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP. The transaction disclosures highlight risks including XRP price volatility, shareholder redemptions, regulatory changes, Nasdaq listing requirements, and Evernorth’s ability to execute its treasury plans.

The SEC’s effectiveness of the registration statement allowed the transaction process to advance. However, the companies noted that the SEC did not approve or disapprove the merits or fairness of the proposed combination.

Evernorth’s plans also depend on execution across the broader XRP Ledger ecosystem. Developments such as lending governance may provide additional network activity, but they do not guarantee that Evernorth will generate yield or increase XRP per share.

The next scheduled milestone is the October 7 closing, subject to the remaining conditions being satisfied or waived. Following completion, the combined company is expected to operate as Evernorth Holdings, Inc., with its Class A common stock planned to start trading on Nasdaq under XRPN on October 8.

The proposed closing and listing dates remain subject to the transaction’s outstanding requirements. Risks disclosed by the companies include potential issues with financing or closing conditions, Nasdaq listing compliance, shareholder redemptions, XRP price changes, and regulatory developments.

With shareholder approval now secured, Evernorth has cleared a major transaction hurdle. The planned October 7 closing will determine whether the XRP treasury company proceeds to its expected Nasdaq debut the following day.