Evernorth expects to close its merger Oct. 7 and start Nasdaq trading a day later as the largest public XRP (XRP) treasury company, holding about 473 million tokens.
Key Points:
- Evernorth plans to close its merger with Armada Acquisition Corp. II on Oct. 7, with shares trading as XRPN on Oct. 8.
- The company expects to hold about 473 million XRP and roughly $300 million in gross cash at closing.
- Part of the treasury was bought in late 2025 at an average of $2.54 per token, well above the current price near $1.50.
Evernorth Nasdaq Listing
Shareholders of Armada Acquisition Corp. II, the blank-check firm merging with Evernorth, approved the deal at a Sept. 30 meeting, the companies said in an Oct. 1 statement. About 20.5 million shares backed the merger and roughly 1.4 million opposed it, a regulatory filing shows. The business combination should close Wednesday if the remaining conditions are met or waived.
Class A shares of the combined company, which will operate as Evernorth Holdings, are expected to begin trading Thursday under XRPN, the ticker Armada II already uses.
The transaction should bring in about $300 million in gross cash before expenses, including $225 million from private placements, $30 million from convertible notes and roughly $48 million from Armada II's trust.
Investors also contributed XRP in kind, and the backers include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Armada II amended its warrant agreement Monday, two days before the planned closing, so the warrants become exercisable on the later of the merger's completion or 12 months after its IPO. Each warrant carries an exercise price of $11.50 per share.
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XRP Treasury Risks
Founder and CEO Asheesh Birla, a former senior Ripple executive, said going public gives investors "a regulated, transparent way to own XRP exposure."
Evernorth holds about 347 million XRP ahead of the in-kind contributions and plans to grow its XRP per share through yield strategies, ecosystem participation and capital markets activity.
Its stock will compete with spot XRP exchange-traded funds. Advance investors supplied $214 million that the company spent in late 2025 on 84.4 million XRP, paying an average of $2.54 per token, its proxy statement shows.
With XRP at $1.49 on Oct. 1, crypto analyst Sam Daodu estimated a paper loss of about $88 million, or 41%, on that purchase. He also said Evernorth has not committed to buying more XRP after the listing.
Evernorth launched in October 2025 with the Armada II merger already signed, pitching itself as an alternative to passive funds and naming SBI as a $200 million investor.
The agreement used an XRP price of $2.36, and investors holding more than 95% of committed capital agreed in August to tie the share count to the token's value at closing. XRP now trades near $1.50, about 59% below its July 2025 peak of $3.65.
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