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Evernorth is approaching the final stage of its merger with Armada Acquisition Corp. II, a deal expected to create the largest publicly traded XRP treasury and bring the company to Nasdaq under the ticker XRPN.
The transaction is scheduled to legally close on October 7, with XRPN shares expected to begin Nasdaq trading on October 8. The listing will give investors another way to gain exposure to XRP through a publicly traded corporate structure rather than directly purchasing the cryptocurrency.
A key hurdle was cleared on September 30, 2026, when Armada II shareholders approved the proposed business combination. Evernorth CEO Ashish Birla, a former Ripple executive, confirmed the approval the following day.
According to SEC filings, Evernorth is expected to enter the public market holding approximately 473 million XRP on its balance sheet. That position would make it the largest pure-play XRP treasury among publicly listed companies.
The overall transaction, including private placements, surpassed $1 billion, while the SPAC combination generated roughly $300 million in fresh capital. Evernorth has also attracted several prominent crypto investors, including Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken and GSR.
Unlike a traditional spot XRP ETF that primarily holds tokens, Evernorth plans to actively manage its XRP reserves. Birla said the company intends to put its holdings to work rather than maintain a passive treasury.
“Many treasuries are built to sit still. Ours is intended to be actively managed. Shareholders have now backed that vision,” Birla said.
Evernorth plans to deploy its 473 million XRP across opportunities within the XRP Ledger ecosystem, including decentralized finance protocols and capital-market arbitrage strategies. Management aims to use these activities to increase the amount of XRP backing each XRPN share over time.
The approach positions Evernorth as an XRP-focused version of the crypto treasury strategy popularized by Strategy, formerly MicroStrategy. If the merger closes as planned, XRPN’s October 8 Nasdaq debut will introduce a major new publicly traded vehicle centered on XRP.
