Evernorth's XRP Treasury Clears Nasdaq Listing Hurdle

The merger between Evernorth and Armada Acquisition Corp. II has cleared a key vote, paving the way for the listing of Evernorth's 473 million XRP treasury on the Nasdaq exchange. The vote, which passed with about 20.5 million shares in favor and 1.4 million against, is a crucial step towards the deal's closure on October 7. Once closed, the company's shares are expected to start trading under the ticker XRPN.

Evernorth's deal with Armada II has raised over $1 billion, with investors contributing part of that total as XRP, which is valued at an average of $2.54 per token. The company spent $214 million on XRP in late 2025, which is now part of its holdings. RippleWorks, a company founded by Ripple co-founder Chris Larsen, supplied 211.3 million XRP to the SPAC's sponsor, Arrington XRP Capital Fund, which has agreed to vote the shares as directed.

Evernorth has been carrying its XRP at cost and writing down the value to the lowest intraday price seen since acquisition. This has resulted in impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026.