Evernorth's 473M XRP Holdings Set to Debut on Nasdaq

A significant development is on the horizon for the XRP community. Armada Acquisition Corp. II shareholders have approved their business combination with Evernorth, paving the way for the latter's listing on the Nasdaq under the ticker XRPN. The deal is expected to close on October 7, with trading set to begin the following day.

Evernorth will hold approximately 473 million XRP, making it one of the largest public-market XRP treasury vehicles. This is a substantial holding, far surpassing the smaller companies that have added XRP to their corporate treasuries. The company's strategy includes actively deploying and managing its XRP holdings, with a focus on increasing the token's value over time.

The transaction has attracted over $1 billion in funding commitments, with the closing expected to generate around $300 million in gross cash proceeds. Evernorth's revised deal structure takes into account the current XRP price, which has dropped below the original signing price of around $2.36. This adjustment is expected to reduce the number of shares issued and increase each remaining share's exposure to the treasury.