Evernorth's 473 Million XRP Listed on Nasdaq as XRPN

The merger between Armada Acquisition Corp. II and Evernorth Holdings has been approved by the shareholders of Armada Acquisition Corp. II, with a majority vote in favor of the merger agreement on September 30, 2026. This move brings a company with a balance sheet consisting mainly of around 473 million XRP to the Nasdaq stock exchange under the ticker XRPN, with the first trading day set for October 8, 2026.

For investors in Germany, this development presents a tax question, as they can choose between investing in the share of a US company or the XRP coin itself. The two routes have different tax implications, with the share of a US company potentially resulting in several thousand euros of tax savings for large stakes.

Armada Acquisition Corp. II is a listed acquisition vehicle, also known as a SPAC, which raises money on the stock market to take over another company and bring it to the exchange. The company was founded on October 3, 2024, and is backed by the Arrington XRP Capital Fund, with Michael Arrington as chairman and Taryn Naidu as chief executive.

The merged company, now known as Arrington Capital SPAC I Inc., will be listed on the Nasdaq under the ticker XRPN, with XRPN covering the Class A common shares, XRPNU denoting the units consisting of one Class A share and half a warrant, and XRPNW representing the warrants themselves. The three securities are registered with the Nasdaq, but have different risk profiles and are not suitable for all investors.

Evernorth expects to hold around 473 million XRP after the completion of the merger, which would make it the largest listed company whose business rests on XRP alone. The transaction brings in around $300 million in cash, with the XRP contributing over $1 billion to the company's value. The XRP trades at $1.52 on October 2, 2026, valuing the holding at $719 million, which is lower than the $1.1 billion value at the time the contract was signed in October 2025.