Evernorth Nears Nasdaq Listing After XRP Holding Vote

XRP's path to Nasdaq may soon be clearer after Armada Acquisition Corp. II shareholders vote on September 30th on the proposed combination with Evernorth.

The deal would allow Evernorth, which holds around 473 million XRP, to pursue public trading under the XRPN ticker without requiring investors to directly buy or manage the token.

Evernorth plans to deploy its XRP holdings through yield strategies, infrastructure participation, and capital-markets activity, aiming to increase the amount of XRP represented by each share over time.

In addition, Evernorth has agreed to issue $30 million in convertible senior PIK notes due in 2031, conditioned on the business combination closing. However, this financing is not yet available.

Crypto commentator BankXRP described Evernorth as 'one vote away' from bringing an XRP-focused treasury company to Nasdaq, while another commentator, Vincent Van Code, argues that a listed treasury company could shift operational burdens for larger institutions to the corporate structure.