Investors in Armada Acquisition Corp. II have voted in favor of the corporate merger with Evernorth, successfully eliminating a major hurdle for the XRP reserve firm to list publicly on the Nasdaq exchange.
This arrangement is projected to pull in roughly $300 million in total cash funds, whereas backers have supplied XRP directly as in-kind assets, resulting in an anticipated total holding of about 473 million XRP for Evernorth upon finalization.
Alongside spot XRP ETFs, Evernorth provides an authorized pathway for gaining exposure to XRP. The agreement is slated for completion on October 7, with the merged enterprise scheduled to begin public trading under the symbol XRPN starting October 8.
“Becoming a publicly traded entity will present market participants with a clear, compliant method to obtain XRP exposure and share in the expansion of the distributed ledger sector,” remarked Evernorth Chief Executive Officer Asheesh Birla via a statement. “We appreciate the backing of our investors as we finalize this significant arrangement.”
Backers of Evernorth feature prominent names such as Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Evernorth initially submitted the S-4 filing for the $1 billion special purpose acquisition company transaction back during the month of March. Around the period when its filing gained approval in August, Evernorth Chief Business Officer Sagar Shah mentioned that an upcoming initiative might introduce XRP Ledger native borrowing and lending capabilities while simultaneously cutting down on smart contract vulnerabilities.
Prior to the finalization of the in-kind deposits anticipated at deal completion, figures from BitcoinTreasuries indicate that Evernorth currently maintains roughly 347 million XRP coins. Evaluated against present market valuations, those reserves are valued near $512 million.
XRP (XRP) changes hands around $1.48 at the time of publication, pushing its total market valuation past $93 billion. XRP closed out the third quarter showing gains exceeding 40%.
Originally published at https://www.theblock.co/news/deals/2026-10-01-evernorth-xrpn-nasdaq-armada-shareholders-approve-417413.
