XRP (XRP) faces a key corporate milestone on Sept. 30, when Armada Acquisition Corp. II shareholders vote on the proposed combination with Evernorth.
Key Points:
- Armada shareholders are scheduled to vote Sept. 30 on a transaction that could move Evernorth closer to public trading under the XRPN ticker.
- Evernorth holds roughly 473 million XRP and plans to actively deploy the treasury rather than operate as a passive fund.
- A $30 million convertible note financing is conditioned on the business combination closing.
XRP Nasdaq Vote
Armada shareholders are set to consider the business combination on Sept. 30, and approval would remove a major hurdle before Evernorth can pursue public trading under XRPN on Nasdaq. The transaction still must close.
The proposed structure would give public-market investors exposure to a company built around XRP without requiring them to directly buy, custody or manage the token. Evernorth says it plans to deploy XRP through yield strategies, infrastructure participation and capital-markets activity, aiming to increase the amount of XRP represented by each share over time.
Evernorth has also agreed to issue $30 million of 4% convertible senior PIK notes due in 2031, with the financing conditioned on the business combination closing. The money is not available yet.
Also Read: California Bans Officials From Issuing Memecoins, Limits 2027 Listings
Van Code Case
Crypto commentator BankXRP described Evernorth as “one vote away” from bringing an XRP-focused treasury company to Nasdaq, while the company currently holds roughly 473 million XRP. That description reflects the proximity of the vote, not a guarantee that the transaction will close.
Another crypto commentator, Vincent Van Code, has argued that direct digital-asset ownership creates operational burdens for larger institutions, including custody, compliance, audits, insurance and internal controls. A listed treasury company could shift those requirements to the corporate structure while giving investors another route to XRP exposure.
That structure differs from a passive fund because Evernorth plans to use its holdings across the broader Ripple ecosystem through treasury deployment, infrastructure participation and other capital-markets activity.
The $30 million note agreement follows more than $1 billion in gross proceeds previously secured from investors including Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital. By Nov. 2025, Evernorth’s holdings had already grown beyond 473 million XRP after additional purchases.
Read Next: Coinbase CEO Pushes For Internal Platform Accountability As AI Agent Traffic Surges
