Evernorth Clears Shareholder Vote for Nasdaq Debut as an XRP Treasury Company Holding 473M XRP

Shareholder Approval and Nasdaq Listing

Shareholders of Armada Acquisition Corp. II voted in favor of the proposed business combination with Evernorth, a crucial milestone paving the path for Evernorth’s public listing on Nasdaq. After filing a Form S-4 registration statement with the US SEC in March and its effectiveness declaration in August, shareholder approval was the final major requirement before the listing. The transaction is expected to close on October 7, with shares commencing trading on Nasdaq under the ticker XRPN on October 8.

This regulatory process spanned several months, reflecting comprehensive preparation for entering public markets. The approval signals strong investor confidence in Evernorth’s strategic vision and prospects.

Size and Composition of Evernorth’s XRP Treasury

Upon closing, Evernorth expects to hold approximately 473 million XRP tokens, valued around $710 million at $1.50 per token — making it the largest publicly traded company focused exclusively on an XRP treasury.

The transaction aims to raise about $300 million in gross cash proceeds, including $225 million from private placements, $30 million via convertible note financing, and roughly $48 million from Armada II’s trust. Additionally, investors contributed XRP directly into the transaction structure.

Key Investors and Growth Plans

Prominent investors backing Evernorth include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR, underscoring significant institutional support and trust in the project.

Evernorth intends to increase XRP holdings per share through yield-generating strategies, active participation in the XRP ecosystem, and capital markets activities, aiming to enhance shareholder value and strengthen its market position.

Market Context and Challenges for Crypto Treasuries

Evernorth’s Nasdaq debut occurs amid a mixed performance landscape for crypto companies pursuing SPAC mergers to enter US public markets. Tokenization firm Securitize and CoinShares successfully listed on NYSE and Nasdaq, respectively, this year.

However, crypto treasury companies have faced setbacks: Ether Machine scrapped its merger with Dynamix in April citing adverse market conditions and halted plans for a $1.5 billion yield-bearing Ether fund. Similarly, Bitcoin Standard Treasury Company and Cantor Equity Partners postponed their shareholder vote while renegotiating terms to better align with market realities.

This contrast highlights the volatility and complexity crypto treasury firms encounter when navigating capital market access.