Evernorth Wins Approval for $1B+ XRP Treasury Deal, Eyes Nasdaq Debut

Evernorth has secured a significant victory with the approval of its $1B+ XRP treasury deal by Armada Acquisition Corp. II shareholders. As a result, the combined company will retain approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. The deal is expected to close on October 7, with the combined company targeting a Nasdaq debut the following day under the ticker XRPN, subject to remaining closing conditions and listing approval.

The total gross cash proceeds, before expenses, will be approximately $300 million. This includes $225 million in related private placements, $30 million in convertible note financing, and approximately $48 million in financing from Armada II's trust account. The company's investors, which include Ripple, Kraken, The SBI Group, GSR, and Arrington Capital, have also funded the transaction with XRP, helping the company plan its digital asset holdings.

Evernorth plans to grow its XRP holdings incrementally via yield strategies, ecosystem involvement, and capital markets operations. The company's stance is seen as an active digital asset treasury, not a passive holder, and it will likely invest in opportunities across the XRP ecosystem.