Evernorth’s 473 Million XRP Treasury Clears Its Final Vote Before Nasdaq Trading

Evernorth has cleared the vote that mattered.

Shareholders of Armada Acquisition Corp. II approved the company’s business combination, putting a planned treasury of roughly 473 million XRP on track for an expected Nasdaq debut under the ticker XRPN.

The distinction between approval and completion matters. According to Evernorth’s official announcement, the parties expect the transaction to close October 7, subject to the remaining closing conditions.

Trading is expected to begin October 8. The merger has not yet closed, and XRPN is not yet trading.

That timetable now has a formal shareholder mandate behind it. The published vote count showed 20,514,034 votes in favor of the business combination, 1,362,081 against and 930 abstentions.

It was a decisive result for a deal designed to turn a very large XRP position into a public-market vehicle. The vote removes the central shareholder hurdle while leaving the ordinary closing conditions and exchange timetable still to be completed.

The announcement says 100% of both advanced and delayed funders remain in the transaction. It also identifies Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR among the investors, giving the proposed company unusually deep ties across the XRP and crypto-market ecosystem.

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.

Expected next:

Oct 7: Closing
Oct 8: Nasdaq trading under XRPN

At closing, Evernorth… pic.twitter.com/TyYEHx6suq

— evernorthxrp (@evernorthxrp) October 1, 2026

Evernorth expects to hold approximately 473 million XRP at closing. The companies also expect the transaction to produce about $300 million in gross cash proceeds before expenses, including $225 million from private placements, $30 million from convertible-note financing and roughly $48 million from the trust account.

The planned treasury will not come from a single billion-dollar market order. Investors have contributed XRP in kind, while other commitments and direct purchases are part of the package.

The final balance sheet will combine crypto assets, financing proceeds, transaction costs and the obligations attached to a public company.

Decrypt’s report on the transaction notes that Evernorth calls the planned company the largest publicly traded pure-play XRP treasury. Its backers include Ripple, Pantera Capital, Kraken, SBI Group, GSR and Arrington Capital.

The company’s pitch goes beyond locking XRP in a wallet. Evernorth says it plans to pursue yield strategies, participate in the XRP ecosystem and use capital-markets activity with the goal of increasing XRP exposure per share over time.

That could make execution as important as the initial token count.

The report also puts the structure inside the wider digital-asset treasury trend pioneered around Bitcoin. Evernorth is applying that model to XRP, but with a stated plan to use the asset inside its ecosystem rather than treat the treasury as a purely passive reserve.

🇰🇷 We're headed to Korea Blockchain Week, so the market data is obviously top of mind. Korea's two largest exchanges often show that XRP trades more than BTC or ETH.@sagarCBO is in the hotseat on who is driving it and how institutions are evaluating the opportunity. Bonus:… pic.twitter.com/dSeazF091x

— evernorthxrp (@evernorthxrp) September 25, 2026

A listed XRP treasury could give traditional brokerage accounts a new way to gain exposure to the asset. But XRPN shares would not be interchangeable with XRP.

The stock would carry company-level variables that the token does not: operating expenses, financing terms, possible dilution, management decisions, liabilities and the premium or discount investors assign to the underlying treasury.

That gap can work in either direction. A well-run treasury company may grow its crypto exposure per share, but a public vehicle can also trade below the value of its assets or amplify a sharp move in the token.

XRP itself remains volatile, and a company built around it will be unusually sensitive to that volatility.

The immediate milestone is still closing. If the remaining conditions are satisfied, October 8 would mark the start of a real market test: whether investors want a regulated public-company wrapper around a concentrated XRP strategy, and what price they are willing to pay for it.

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