Shareholders of Armada Acquisition Corp. II have approved a business combination with Evernorth, clearing the path for the firm to list its 473 million XRP treasury on Nasdaq. The transaction is expected to close on October 7, with public trading scheduled to begin the following day under the ticker symbol XRPN.
Merger Approval and Raising Over $1 Billion
The merger vote passed with roughly 20.5 million shares in favor and 1.4 million against, according to Armada II's regulatory filing. The vote follows the Securities and Exchange Commission declaring Evernorth's registration statement effective on August 27.
In total, Evernorth has secured over $1 billion in capital through the merger and associated private placements. The deal delivers approximately $300 million in gross cash, which includes $225 million from private placements and $30 million from convertible notes agreed upon in September. Advance funding investors supplied $214 million of the private placement capital, which Evernorth utilized in late 2025 to acquire 84.4 million XRP at an average price of $2.54 per token. The SPAC's trust provides around $48 million in cash, down from the $241.9 million held on its August 20 record date following public shareholder redemptions priced at $10.52 per share.
Strategic XRP Token Sources and Corporate Balance Sheet
Evernorth's 473 million XRP treasury was assembled through contributions from several major ecosystem participants:
- RippleWorks supplied 211.3 million XRP by investing in the SPAC's sponsor, Arrington XRP Capital Fund. Co-founded by Ripple Executive Chairman Chris Larsen, RippleWorks retains voting directions for these shares upon closing.
- Ripple contributed 126.8 million XRP when the initial merger agreement was signed.
- The Larsen Lam Children's Remainder Trust provided 50 million XRP.
Evernorth's proxy filings show that 346.3 million of its XRP tokens carried an original acquisition cost of $846.6 million. Standard accounting rules require digital assets to be booked at cost and impaired down to their lowest intraday price without subsequent upward adjustments. Consequently, Evernorth recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026, leaving the carrying value of those tokens at $348.8 million as of June 30, 2026. As XRP consolidates above $1.45 support, Evernorth provides equity market investors with direct access to an XRP-backed balance sheet.
Key Takeaways
- Merger Approved: Armada II shareholders passed the deal with 20.5 million votes in favor, setting an October 7 close and October 8 Nasdaq listing under XRPN.
- $1B+ Capitalization: Transaction delivers $300 million in gross cash and holds a treasury of 473 million XRP.
- Major Token Backers: Treasury funded by RippleWorks (211.3M XRP), Ripple (126.8M XRP), and the Larsen Lam Children's Remainder Trust (50M XRP).
Why It Matters
The public listing of Evernorth on Nasdaq creates an institutional vehicle for XRP exposure outside of spot ETF structures. By creating a corporate treasury vehicle focused on XRP holdings, Evernorth mirrors the balance-sheet strategies pioneered by Bitcoin treasury companies, offering traditional market participants secondary market access to digital asset reserves. As market participants evaluate broader market performance and potential price targets, such as projections between $2.00 and $4.00 for XRP, the launch of XRPN will serve as a key test of Wall Street demand for altcoin-backed equities.
