Evernorth to Launch on Nasdaq with 473 Million XRP Treasury

Evernorth is poised to make its Nasdaq debut with a significant XRP holding after shareholders of Armada Acquisition Corp. II approved the business combination on September 30. The transaction, expected to close on October 7, 2026, will see Evernorth hold approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. The deal has raised over $1 billion in total support, with about $300 million in expected gross cash proceeds at closing.

The cash component includes $225 million from private placements, $30 million in convertible note financing, and an estimated $48 million from trust proceeds. Founder and CEO Asheesh Birla described the listing as a way for investors to gain regulated, transparent XRP exposure through a public vehicle. Trading under the ticker XRPN is set to begin on October 8.

Evernorth plans to operate as a digital asset treasury focused on XRP, aiming to grow XRP-per-share over time through yield strategies, ecosystem participation, and capital-markets activity. The company has secured backing from notable investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The market’s next challenge will be determining whether public investors view Evernorth as a useful XRP proxy once trading begins.