Evernorth clears shareholder vote for Nasdaq debut with 473 million XRP treasury
Shareholders of Armada Acquisition Corp. II have approved a merger with Evernorth, clearing the path for the Ripple-backed XRP treasury to trade on Nasdaq under the ticker XRPN.
Shareholders of special purpose acquisition company Armada Acquisition Corp. II have approved all proposals tied to its business combination with Evernorth, clearing the way for the XRP treasury company to go public. According to an SEC filing by Armada II, approximately 20.5 million shares were cast in favor of the transaction against roughly 1.4 million opposed, with turnout representing about 69% of eligible voting shares.[1][6]
The merged entity will operate as Evernorth Holdings and list on Nasdaq under the ticker XRPN. Subject to remaining closing conditions, the transaction is expected to close on Oct. 7, 2026, with trading slated to begin on Oct. 8. Evernorth anticipates holding roughly 473 million XRP alongside about $300 million in gross cash proceeds, pushing total fundraising past $1 billion across the merger and affiliated private placements.[2][3][4][5][6][8]
Evernorth, founded by former Ripple executive Asheesh Birla, is backed by Ripple, SBI, Pantera Capital, Kraken, and GSR. Birla stated that going public will provide investors with a regulated, transparent vehicle to access XRP exposure and participate in the blockchain economy.[1][6]
Key facts
- Armada Acquisition Corp. II shareholders voted to approve the business combination with Evernorth, casting about 20.5 million shares in favor and 1.4 million against.
- The combined entity will operate as Evernorth Holdings and trade on Nasdaq under the ticker symbol XRPN.
- The merger is expected to close on Oct. 7, 2026, with trading scheduled to begin the following day on Oct. 8.
- Evernorth expects to hold approximately 473 million XRP and roughly $300 million in gross cash proceeds after closing.
- Total fundraising through the transaction and associated private placements exceeds $1 billion.
- Evernorth is backed by institutional investors including Ripple, SBI, and Pantera Capital.
Sources · 7 sources
- BS
BSCN@BSCNewsPost on X ·
Evernorth clears its shareholder vote on the road to Nasdaq Armada Acquisition Corp. II shareholders approved every proposal tied to the SPAC's merger with Evernorth, the meeting's inspector of elections reported at today's virtual shareholder meeting. @evernorthxrp is an XRP treasury company backed by Ripple, SBI, and Pantera, among others. The deal is expected to close shortly, subject to customary conditions. The combined company is then set to trade on Nasdaq as XRPN, holding about 473 million $XRP.
Open source - CO
CoinMarketCap@CoinMarketCapPost on X ·
LATEST: 💰 XRP treasury firm Evernorth won shareholder approval for its $1B merger with Armada II, clearing the path to debut on Nasdaq as XRPN on Oct. 8. https://t.co/JYFj1RzCft
Open source - DE
DecryptArticle ·
The 'Largest Pure-Play' XRP Treasury Is About to Go Public Shareholders approved Evernorth's merger with Armada Acquisition Corp. II, clearing the way for the Ripple-backed firm to begin trading Oct. 8 with a stash of roughly 473 million XRP.
Open source - LS
Laura Shin@laurashinPost on X ·
Evernorth expects to hold about 473 million XRP once its SPAC deal closes next week, plus roughly $300 million in gross cash. The company puts its total fundraising at more than $1 billion. https://t.co/eRZ1cYFM5z
Open source - BS
BSCN@BSCNewsPost on X ·
Armada Acquisition Corp. II shareholders approved the SPAC merger with @evernorthxrp, the Ripple-backed XRP treasury company. Evernorth is set to list on Nasdaq under the ticker $XRPN with roughly 473 million $XRP. The deal is expected to close on October 7, with trading commencing the following day... https://t.co/n6G4UxuPuk
Open source - UN
UnchainedArticle ·
Ripple-Backed XRP Treasury Evernorth Wins Shareholder Vote, Heads to Nasdaq Next Week Evernorth , the XRP treasury company backed by Ripple, is on track to start trading on Nasdaq on Oct. 8 after shareholders of its blank-check partner signed off on the merger. Shareholders of Armada Acquisition Corp. II backed the business combination at an extraordinary general meeting on Wednesday, Evernorth announced on Thursday. The companies expect to close the deal on Oct. 7 if the remaining conditions are met or waived, and the combined company will operate as Evernorth Holdings. About 20.5 million shares voted for the deal and roughly 1.4 million against, according to the vote tally Armada II filed with the SEC. Shares representing about 69% of the SPAC’s eligible votes took part in the meeting. “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” Asheesh Birla , Evernorth’s founder and CEO, said in the release. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Where the Money Comes From Evernorth says the transaction and its related private placements have raised more than $1 billion in total. The cash it expects at closing is about $300 million before expenses: $225 million from private placements, $30 million in new convertible notes and around $48 million left in the SPAC’s trust. The notes carry a 4% rate and come due in 2031, according to a September filing , with NH Investment & Securities acting as trustee for the private fund buying them. Investors also contributed XRP directly. Evernorth expects to hold about 473 million XRP after closing. At XRP’s price of roughly $1.53 on Friday morning, per CoinGecko, that stash would be worth close to $724 million . A Deal First Unveiled in 2025 Evernorth launched in October 2025 with the Armada II merger already signed. It pitched itself as an alternative to a passive ETF that would try to grow its XRP per share through lending, market liquidity and DeFi yield. Birla is a former senior executive at Ripple. At launch, Evernorth named SBI as a $200 million investor, alongside Ripple, Pantera Capital, Kraken and GSR. Ripple CEO Brad Garlinghouse and fellow Ripple executives Stuart Alderoty and David Schwartz were expected to serve as strategic advisors. The company is one of many crypto treasury companies that have tapped public markets since 2025 to hold a single token, a model that started with bitcoin and spread to ether, Solana and XRP. Armada II’s own shares already trade on Nasdaq under XRPN. Evernorth’s Class A stock is expected to take that ticker once the deal closes. Related Listen: Uneasy Money: The $388M Bitget Hack Started With a Security Vendor The post Ripple-Backed XRP Treasury Evernorth Wins Shareholder Vote, Heads to Nasdaq Next Week appeared first on Unchained .
Open source - TB
The BlockArticle ·
Evernorth shareholders approve $1 billion XRP treasury deal, clearing path to Nasdaq debut Armada Acquisition Corp. II shareholders approved the Evernorth merger. The XRP treasury company expects to hold ~473M XRP.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: Armada Acquisition Corp. II shareholders have approved its business combination with Evernorth, clearing a key step for the XRP treasury company to go public on Nasdaq. The transaction is expected to raise about $300 million in gross cash proceeds, while investors have contributed $XRP in kind, leaving Evernorth expected to hold roughly 473 million XRP at closing. The deal is expected to close Oct. 7, with the combined company set to trade under the ticker XRPN beginning Oct. 8.
Open source