Evernorth's Nasdaq bid: 473M XRP treasury awaits vote

6.6 Investments

Sep 30, 2026

Armada Acquisition Corp. II shareholders will vote on merging with Evernorth, which holds over 473M XRP. If approved, Evernorth could list on Nasdaq as XRPN, offering equity exposure to its XRP treasury.

Shareholders of Armada Acquisition Corp. II will vote on September 30 on a proposed merger with Evernorth Holdings. If approved, this deal could see an XRP-focused treasury company listed on Nasdaq under the ticker XRPN. Evernorth has secured or committed to more than 473 million XRP, including a $214 million open-market purchase and significant contributions from Ripple and other entities. Unlike traditional crypto treasury models, Evernorth plans to actively deploy its XRP holdings in infrastructure projects and on-chain financial operations, aiming to increase XRP per share and maximize stakeholder value. The upcoming vote concerns the business combination, not a direct listing of XRP on Nasdaq. If the merger is completed and all conditions are met, Evernorth would become a publicly traded company with substantial XRP exposure, giving investors equity-market access to its managed XRP treasury. The final asset mix may change at closing, and a $30 million convertible financing is contingent on the deal's completion.