XRP Treasury Set for Nasdaq Debut Amid $1 Billion Valuation

The largest XRP treasury on the public market is set to debut on Nasdaq next Thursday, October 8. Evernorth, the company behind the merger with Armada Acquisition Corp. II, has cleared the main regulatory and corporate hurdle. On September 30, 2026, shareholders of SPAC Armada Acquisition Corp. II approved the business combination.

Evernorth's CEO Ashish Birla, a former Ripple executive, confirmed the approval on October 1, 2026. The company will begin trading on Nasdaq under the ticker XRPN, offering investors direct exposure to XRP through a publicly traded company structure.

The deal is valued at over $1 billion, with private placements exceeding $300 million and a group of anchor investors including Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and GSR. Evernorth's balance sheet will feature approximately 473 million XRP, making it the world's largest 'pure-play' XRP treasury among publicly traded companies.

Unlike traditional spot ETFs, which hold coins passively, Evernorth plans to actively manage its XRP holdings through DeFi protocols and arbitrage in capital markets. This strategy aims to increase the amount of XRP held per XRPN share over time.