Evernorth Clears Vote for $1 Billion XRP Treasury Merger

Evernorth has cleared the vote for a $1 billion XRP treasury merger with Armada Acquisition Corp. II. The combined entity, Ever-North Holdings, Inc., will debut on the Nasdaq on October 8, trading under the ticker XRPN. This move marks a significant development in the digital asset treasury model, where public-market investors can now gain single-asset exposure to XRP through a listed vehicle.

The merger will see Evernorth hold approximately 473 million XRP at closing, making it the largest publicly traded pure-play XRP treasury company. To achieve this, the company plans to grow XRP per share through staking, yield strategies, and capital markets activity. This approach positions Evernorth as an active treasury rather than a passive holder.

The deal has attracted significant backing from investors, including Ripple, Kraken, The SBI Group, GSR, and Arrington Capital. These funders have committed to the expected closing and remain invested in the company's success.

However, completion of the deal remains subject to customary closing conditions, and trading on the Nasdaq is dependent on listing approval. Public investors will hold Evernorth stock rather than XRP directly, tying their returns to the company's capital structure and execution alongside the token's performance.