Armada Acquisition Corp. II shareholders approved the company’s business combination with Evernorth Holdings on September 30. The vote cleared with roughly 94% approval at an extraordinary general meeting. That margin removes the last major hurdle standing between Evernorth and a Nasdaq listing. The combined company expects to close the transaction on October 7. Trading is then set to begin the next day under the ticker XRPN. For a deal built almost entirely around one asset, XRP, the approval marks a real turning point. It moves Evernorth from a proposed structure on paper into a company with a concrete public listing date.
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.
— evernorthxrp (@evernorthxrp) October 1, 2026
Expected next:
Oct 7: Closing
Oct 8: Nasdaq trading under XRPN
At closing, Evernorth… pic.twitter.com/TyYEHx6suq
Inside the Deal Structure
Evernorth expects to hold approximately 473 million XRP at closing. At current prices, that stake is worth roughly $710 million. Company materials describe this as the largest XRP position held by any publicly traded, pure-play treasury firm. The transaction itself is expected to generate about $300 million in gross cash proceeds before expenses. That figure breaks down into $225 million from private placements, $30 million in convertible note financing, and roughly $48 million from Armada II’s trust account. Separately, the broader financing package tied to the deal has raised more than $1 billion in total commitments. Readers should treat that larger number as the full financing picture, not as cash sitting in Evernorth’s treasury today.
Who Is Backing Evernorth
The investor list reads like a cross-section of the XRP ecosystem. SBI Holdings committed $200 million, making it one of the largest named backers. Ripple itself participated in the financing, alongside RippleWorks, the charitable foundation tied to Ripple co-founder Chris Larsen. Pantera Capital, Kraken, GSR, and Arrington Capital round out the list of institutional investors. Asheesh Birla leads Evernorth as chief executive. Birla previously held senior roles at Ripple, giving him direct experience with XRP’s technical and payments infrastructure before taking on this role.
A Treasury Built to Move, Not Sit Still
Evernorth distinguishes itself from earlier crypto treasury models through active management. Birla has described the company as an operating treasury rather than a passive holder of digital assets. Instead of simply accumulating XRP and waiting, Evernorth plans to deploy its holdings into yield-generating activity across the XRP Ledger. That includes lending XRP through emerging standards like XLS-66. The stated goal is to increase the amount of XRP backing each share over time, not just to grow the headline balance sheet. This approach sets a different bar than the buy-and-hold strategy most treasury companies have followed so far.
Evernorth’s Place Among Crypto Treasury Firms
Public companies built around holding a single cryptocurrency have become a recognizable category. Strategy, formerly MicroStrategy, pioneered the model with Bitcoin, and Metaplanet has pursued a similar path in Japan. MARA Holdings also carries a large Bitcoin position alongside its mining business. On the Ethereum side, SharpLink Gaming and BitMine Immersion Technologies have built treasuries around Ether. DeFi Development Corp. has taken the same approach with Solana. Evernorth now applies that model to XRP, but its active deployment strategy sets it apart from most predecessors. The comparison matters because each of these companies carries different risk profiles tied to its underlying asset and management approach.
What Investors Should Watch Next
The October 8 trading date remains an expectation rather than a certainty. Closing conditions and final Nasdaq approval still need to fall into place first. Once XRPN begins trading, the more useful metric for investors will be XRP net asset value per share. That figure accounts for holdings, cash, and liabilities relative to diluted shares outstanding, rather than market capitalization alone. Dilution from warrants, convertible notes, and future capital raises could change that per-share figure over time. Additionally, Evernorth’s value will move closely with XRP’s own price, since the company’s core asset is the token itself. Investors weighing XRPN should separate enthusiasm for XRP from the specific mechanics of owning equity in a treasury company.
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