Evernorth nears Nasdaq debut with 473 million XRP treasury

Shareholders of Armada Acquisition Corp. II have approved a business combination with Evernorth Holdings, clearing the path for the company to debut on the Nasdaq. The combined entity is expected to trade under the ticker XRPN, with a target listing date of October 8, following a projected transaction close on October 7.

Evernorth aims to operate as a dedicated XRP treasury company. Upon closing, the firm expects to hold approximately 473 million XRP, making it one of the largest publicly traded pure-play XRP treasuries. Unlike passive holding vehicles, Evernorth intends to actively manage its holdings by participating in the XRP ecosystem and pursuing strategies to increase XRP per share.

The deal is expected to generate approximately $300 million in gross cash proceeds. This funding includes $225 million from private placements, $30 million from convertible note financing, and roughly $48 million from the Armada II trust. The transaction also involves significant in-kind contributions of XRP from investors.