Evernorth, a treasury company built around XRP, has cleared its final regulatory hurdle to go public after shareholders of Armada Acquisition Corp. II voted to approve the business combination on Sept. 30. The transaction is expected to close on Oct. 7, with Evernorth’s Class A common stock scheduled to begin trading on the Nasdaq on Oct. 8 under the ticker "XRPN." The merger and related fundraising efforts have raised more than $1 billion, positioning the firm as what it describes as the largest publicly traded pure-play XRP treasury.
The deal is projected to generate roughly $300 million in gross cash proceeds before expenses, comprising $225 million from private placements, $30 million in convertible note financing, and approximately $48 million in trust proceeds. In addition to cash contributions, investors provided XRP directly; at closing, Evernorth expects to hold about 473 million XRP. The company stated that 100% of its committed funders are participating in the transaction. Backed by Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital, Evernorth initially unveiled plans to go public around a $685 million XRP stash as part of a broader effort to raise $1 billion to accumulate the token. Asheesh Birla, Evernorth’s founder and CEO, noted that going public offers investors a regulated, transparent way to own XRP exposure.
This development marks a significant institutionalization of single-asset crypto treasuries, extending the model pioneered by Strategy with Bitcoin into the XRP ecosystem. By securing approval through a blank-check merger and raising over $1 billion, Evernorth creates a regulated vehicle for equity investors to gain direct exposure to XRP without holding the underlying asset themselves. The structure relies heavily on the credibility of its backers, including Ripple and major exchanges like Kraken, to validate the strategy of accumulating a volatile digital asset as a core balance sheet item. The explicit goal of growing XRP per share through yield strategies and capital-markets activity suggests an attempt to decouple shareholder value slightly from pure spot price appreciation, though the primary driver remains the token's market performance.
However, the concentration risk inherent in this model is substantial. With 473 million XRP held at closing, the company’s valuation is tightly coupled to the token's price swings, which can be sharp and unpredictable. Unlike diversified firms, Evernorth lacks operational revenue streams independent of its treasury holdings, making it vulnerable to prolonged bear markets or regulatory shifts affecting XRP specifically. Investors must weigh the transparency of a Nasdaq-listed entity against the volatility of the underlying asset. The success of this listing will likely serve as a bellwether for whether traditional capital markets are willing to absorb further single-asset crypto treasuries, potentially encouraging similar structures for other major tokens if Evernorth maintains liquidity and compliance standards.
