An XRP Treasury Company Is One Vote Away from Nasdaq: What Happens if Evernorth Lists as XRPN?

Evernode, an XRP-based digital-asset treasury company, will list on Nasdaq on Oct. 8 through a merger with Armada Acquisition Corp. II. The deal provides $300M in cash, including a $225M private investment. Post-merger, Evernode will hold 473M XRP, the largest among listed companies. The combined company will trade under the ticker XRPN.

Armada II shareholders approved its merger with Evernorth Holdings, creating a publicly traded company focused on XRP holdings. Trading under the ticker XRPN will begin on Oct. 8.

Evernorth's merger with Armada Acquisition Corp. II received 94% shareholder approval, advancing a plan to hold 473M XRP. The vote, with 69% participation, also approved moving Armada's domicile to Delaware. The deal, pending closing conditions, will list the combined company on Nasdaq under XRPN.

Evernorth, a treasury company, is set to debut on Nasdaq with 473 million XRP, valued at $705 million, a 37% drop from the $1.1 billion valuation at deal signing. The merger with Armada Acquisition Corp. II was approved by shareholders, but XRP's price has since fallen from $2.37 to $1.49. Evernorth plans to use additional cash to buy more XRP and pursue yield opportunities.

Armada Acquisition Corp. II (XRPN) shareholders approved a merger with Evernorth Holdings, raising $300M. Evernorth will hold 473M XRP, becoming the largest publicly traded XRP treasury company. The combined entity will trade as XRPN on Nasdaq from October 8, subject to closing conditions.

Evernorth Holdings received shareholder approval for its merger with Armada Acquisition Corp. II, advancing its Nasdaq listing under XRPN. The company plans to start with 473.27M XRP and over $1B in private-placement commitments, aiming to actively deploy its treasury into XRP Ledger infrastructure, not just hold XRP passively. The merger is not yet finalized, with closing requirements still pending.