Evernorth to Debut as Publicly Traded XRP Treasury Company on Nasdaq

Shareholders of Armada Acquisition Corp. II have given the green light to a merger with Evernorth, paving the way for the creation of a publicly traded XRP treasury company. The deal, which is expected to close on October 7, will see the combined entity, Ever-North Holdings, Inc., begin trading on the Nasdaq under the ticker XRPN starting October 8.

The transaction, including private placements, is valued at over $1 billion. Evernorth will receive approximately $300 million in gross cash proceeds, with $225 million coming from private placements, $30 million from convertible note financing, and $48 million from Armada II's trust account. Some investors also funded the deal using XRP.

Upon closing, Evernorth plans to hold around 473 million XRP, positioning itself as the largest publicly traded pure-play XRP treasury company. The company aims to grow XRP per share through staking, yield strategies, and capital markets activity, adopting an active treasury approach rather than passive holding.

The deal is backed by notable investors, including Ripple, Kraken, The SBI Group, GSR, and Arrington Capital. All funders remain committed to the expected closing, although completion is subject to customary closing conditions and Nasdaq listing approval. Public investors will hold Evernorth stock, not XRP directly, tying returns to the company's performance alongside the token's price.