Evernorth XRP Treasury Wins Approval, October Closing Now Ahead

Shareholders of Armada Acquisition Corp. II approved the proposed business combination with Evernorth at an extraordinary meeting held on September 30, 2026, removing a major obstacle to the company’s planned public listing. The transaction is currently expected to close on October 7, with Nasdaq trading under the ticker XRPN scheduled to start on October 8. If completed, Evernorth expects to hold approximately 473 million XRP at closing.

The shareholder approval satisfies one of the key conditions for the transaction. However, an October 1 announcement from Evernorth and Armada II noted that the business combination still depends on the satisfaction or waiver of the remaining closing conditions.

The roughly $300 million in proceeds represents gross cash raised before transaction-related expenses. Evernorth expects to have about 473 million XRP in its treasury when the deal closes. The company says this would make it the largest publicly traded pure-play XRP treasury company, although that status and the planned XRP holding will remain prospective until the transaction is completed.

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. The planned listing is also part of a wider institutional ecosystem developing around financial infrastructure on the XRP Ledger.

XRPN Shares Would Provide Equity Exposure

Evernorth is expected to become a publicly traded digital asset treasury company providing exposure to XRP through what it describes as a regulated, liquid, and transparent structure. The company plans to pursue strategies designed to increase XRP per share through yield-generating activities, participation in the XRP ecosystem, and capital markets transactions.

Investors in XRPN would own equity in the combined company rather than XRP directly. The anticipated 473 million XRP treasury would fluctuate in dollar value alongside XRP’s market price, while changes in XRP’s supply dynamics could also be relevant when investors evaluate the company’s market exposure.

Asheesh Birla, Evernorth’s founder and CEO, described the planned listing as a market-based approach to providing XRP exposure. He said going public would give investors a regulated and transparent way to gain exposure to XRP and participate in the expansion of the blockchain economy.

Armada II is a Nasdaq-listed special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP. The companies have also highlighted risks associated with XRP price volatility, shareholder redemptions, regulatory developments, Nasdaq listing requirements, and Evernorth’s ability to execute its treasury strategy.

The SEC’s effectiveness of the registration statement allowed the transaction process to move forward. However, the announcement states that the SEC neither approved nor rejected the merits or fairness of the proposed transaction.

The broader ecosystem strategy will depend on execution rather than treasury size alone. Developments such as lending governance on the XRP Ledger provide additional context for network activity, but they do not guarantee that Evernorth will generate yield or increase the amount of XRP represented by each share.

The next major milestone is the targeted October 7 closing, provided the remaining conditions are satisfied or waived. If completed, the combined company is expected to operate as Evernorth Holdings, Inc., with its Class A common stock planned to begin trading on Nasdaq under XRPN on October 8.

These dates remain expected milestones rather than completed events. The companies’ risk disclosures note that closing conditions or financing could remain incomplete, Nasdaq listing requirements might not be met, shareholder redemptions could affect the public float, and changes in XRP’s price or regulatory environment could affect the economics of the treasury.

The shareholder vote moves the transaction forward, while the expected October 7 closing and subsequent trading session will determine whether Evernorth’s planned XRP treasury reaches the public markets on schedule.

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