Evernorth is set to become a publicly traded pure-play XRP treasury company after shareholders of blank-check firm Armada Acquisition Corp. II approved their proposed business combination. The transaction is expected to close on Oct. 7, with shares of the combined entity beginning trading on Nasdaq under the ticker XRPN the following day, subject to remaining closing conditions. This approval clears a final hurdle following the March filing of the Form S-4 registration statement with the US Securities and Exchange Commission, which was declared effective in August.
At closing, Evernorth expects to hold approximately 473 million XRP, positioning it as the largest publicly traded pure-play XRP treasury company. With XRP trading at about $1.50, this holding represents roughly $710 million in value. The deal is projected to raise about $300 million in gross cash proceeds, comprising $225 million from related private placements, $30 million in convertible note financing, and roughly $48 million from Armada II’s trust, alongside direct XRP contributions from investors. Key backers include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company plans to grow its XRP holdings per share through yield strategies, ecosystem participation, and capital markets activities.
The successful shareholder vote marks a critical milestone for Evernorth, distinguishing its trajectory from recent setbacks faced by other crypto-focused SPAC mergers. While firms like Ether Machine and Bitcoin Standard Treasury Company have scrapped or postponed deals due to unfavorable market conditions, Evernorth’s ability to secure approval suggests sustained institutional appetite for regulated exposure to digital assets via traditional equity structures. The involvement of major industry players such as Ripple and Kraken provides credibility to the venture, potentially mitigating some operational risks associated with new public listings in the volatile crypto sector.
Market structure implications center on the integration of yield-bearing strategies within a publicly traded framework. By aiming to grow XRP holdings per share through ecosystem participation and capital markets activities, Evernorth introduces a complex compliance layer regarding how these yields are generated and reported to shareholders. Investors will likely scrutinize the sustainability of these yield mechanisms against regulatory expectations for transparency and risk disclosure. Furthermore, the $300 million cash infusion provides liquidity buffers that may allow the company to navigate market volatility more effectively than peers who relied solely on token swaps without significant fiat reserves.
