XRP Treasury Vehicle Ready for Public Trading with Armada II Deal Approval

Armada Acquisition Corp. II has cleared a key hurdle in its business combination with Evernorth Holdings, with shareholders approving the deal on Wednesday. This clears the way for the creation of a publicly traded company focused primarily on holdings of the XRP cryptocurrency. The combined entity will trade under the ticker XRPN on Nasdaq starting October 8.

The transaction is expected to provide Evernorth with about $300 million in gross cash proceeds before expenses, including $225 million from private placements and $30 million in additional convertible-note financing. Investors have also contributed XRP directly to the company, positioning it to hold approximately 473 million XRP when the deal closes.

Founder and CEO Asheesh Birla said the public listing is intended to give investors a regulated and liquid way to gain exposure to XRP and the broader blockchain market. Evernorth plans to use capital-markets transactions, participation in the XRP ecosystem, and yield-generating strategies to increase XRP per share over time.