Key Takeaways:
- The AC of the Armada II shareholders has approved the Evernorth business combination.
- At closing time, the balance of Evernorth of approximately 473 million XRP will be retained.
- XRPN on Nasdaq trading is anticipated to commence on October 8.
Evernorth has come one step closer to becoming a publicly traded asset management company focused on the XRP treasury following an approval from shareholders of Armada Acquisition Corp. II.
The deal is expected to close on October 7, with the combined company targeting a Nasdaq debut the following day under the ticker XRPN, subject to remaining closing conditions and listing approval.
Armada Acquisition Corp. II shareholders have approved the business combination with Evernorth. Thank you to every shareholder who voted, and to the XRP community that has followed every step.
Expected next:
Oct 7: Closing
Oct 8: Nasdaq trading under XRPNAt closing, Evernorth expects to hold approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. Completion remains subject to customary closing conditions, and trading is subject to Nasdaq listing approval.
Full release: https://t.co/aWUJwUPHQ2
This content is for informational purposes only and does not constitute investment advice. This content may contain forward-looking statements that involve risks and uncertainties; actual results may differ materially. Digital assets involve risk, including potential loss of principal. Learn more about Evernorth: https://t.co/sqMogIjc8O.
— evernorthxrp (@evernorthxrp) October 1, 2026
Evernorth Targets 473M XRP Treasury at Closing
Evernorth is holding about 473 million XRP at completion, which it claims would create a big, publicly traded pure-play XRP business.
The total gross cash proceeds, before expenses, will be approximately $300 million.
This includes approximately $225 million in related private placements, $30 million in convertible note financing, and approximately $48 million in financing from Armada II’s trust account.
Investors have also fundee the transaction with XRP, helping the company plan their digital asset holdings.
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More Than $1B Raised Across the Deal
The total proceeds of the transaction and the accompanying private placements are over $1 billion, Evernorth said. It has a number of investors among which are such firms as Ripple, Kraken, The SBI Group, GSR, and Arrington Capital.
Additionally, the company stated all advanced and delayed funders are still on board with the transaction, to support the transaction’s expected closing.
XRPN Trading Could Begin October 8
All other conditions and covenants must be met and all conditions must be waived for the closing of the business combination to occur on October 7. As a result, this merger will result in a new holding company called Ever-North Holdings, Inc.
It will start trading its class A common stock on Nasdaq on October 8 under the symbol XRPN.
The listing would provide public-market investors with access to a company focused largely on XRP and not on multiple digital assets in its treasure chest.
The investors wouldn’t be holding the XRP directly, but instead the stock of Evernorth, which would depend on the capital structure, operating strategy and execution of Evernorth as well.
Read More: Ripple Targets 2028 Quantum-Proof XRPL Upgrade as $1T Crypto Risk Emerges
Evernorth Plans to Grow XRP Per Share
In the future, Evernorth will boost its XRP staking program incrementally via yield strategies, as well as ecosystem involvement and capital markets operations.
The company’s stance is seen as an active digital asset treasury and not a passive holder. It will likely invest in opportunities across the XRP ecosystem and keep XRP as its driving asset, on its balance sheet.
The shareholder approval will put one last hurdle out of the way before the listing, but closing will depend on the usual closing requirements and Nasdaq approval.
