Evernorth clears shareholder vote ahead of Nasdaq debut with 473M XRP treasury

Shareholders of Armada Acquisition Corp. II have approved a proposed business combination that will take Evernorth public as an XRP-focused treasury company. The transaction cleared a major regulatory and shareholder hurdle after Evernorth’s Form S-4 registration was declared effective in August. The merger is expected to close on Oct. 7, and the combined company aims to begin trading on Nasdaq under the ticker XRPN the following day, subject to remaining closing conditions.

At closing, Evernorth expects to hold roughly 473 million XRP, which the company says would position it as the largest publicly traded pure-play XRP treasury by token holdings. The announcement states the transaction should generate about $300 million in gross cash proceeds, including $225 million from related private placements, $30 million via convertible note financing and approximately $48 million from Armada II’s trust. The filing also notes that some investors have contributed XRP directly to the deal.

CoinGecko price data cited in the announcement put XRP at about $1.50 at the time of publication, which would value Evernorth’s anticipated XRP treasury at roughly $710 million. Investors named in the deal include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. Evernorth plans to increase holdings per share through yield strategies, participation in the XRP ecosystem and capital markets activities.

Evernorth’s planned Nasdaq debut arrives amid a mixed environment for crypto SPAC transactions. Some tokenization and crypto firms have reached public markets this year—Securitize listed on the New York Stock Exchange in July after merging with Cantor Equity Partners II, and CoinShares began trading on Nasdaq in April following a $1.2 billion deal with Vine Hill Capital Investment Corp. At the same time, other crypto treasury SPACs have faced setbacks: Ether Machine abandoned a planned merger with Dynamix in April, and Bitcoin Standard Treasury Company and Cantor Equity Partners I postponed shareholder votes and reworked terms in July, citing market conditions.