Evernorth Wins Shareholder Vote, Paving Way for XRP-Focused Treasury Listing

Evernorth, a digital asset treasury company, has won the shareholder vote for its XRP treasury merger with Armada Acquisition Corp. II, moving investors closer to stock market exposure to the cryptocurrency.

The transaction combines cash financing and token contributions, generating approximately $300 million in gross cash proceeds before expenses. This amount includes $225 million from private placements, $30 million in convertible note financing, and $48 million from Armada II's trust.

Evernorth intends to pursue strategies designed to increase XRP holdings per share over time, including activities intended to earn returns on its assets, participation in the XRP ecosystem, and capital markets activities.

The company projects approximately 473 million XRP at closing, making it the largest publicly traded treasury focused primarily on that cryptocurrency.