$XRP Treasury Vote: Armada Shareholders to Weigh in on $473 Million Holding

On September 30, Armada Acquisition Corp. II shareholders will vote on whether to approve a merger built around an $XRP treasury.

The proposed public company, Evernorth, would own at least 473,276,430 $XRP, but the exact number depends on several factors, including coins contributed by Ripple and other parties, cash acquired through purchases, and contingent financing.

A vote in favor of the merger would be a step towards the planned XRPN listing, not evidence that the combined company is already trading or that every projected asset has reached its final closing balance.

The proxy's expected treasury of $XRP includes a 600,000 $XRP advance, a 200,000 $XRP delayed contribution, and coins contributed by Ripple and other parties. However, assigning a cash cost to all 473 million $XRP would be inaccurate, as the remaining listed components entered the plan through different routes.

At a purely illustrative $XRP price of $1.50, the proposed treasury would have a market value of about $709.9 million, while at $2.50, it would be roughly $1.183 billion. Neither figure is a company valuation and omits cash, debt, operating expenses, taxes, warrants, and the number of shares.