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- Evernorth Holdings plans an Oct. 8 Nasdaq debut under the ticker XRPN after Armada Acquisition Corp. II shareholders approved their business combination.
- The Ripple-backed company expects to hold about 473 million XRP at closing, backed by $300 million in gross cash proceeds.
- The Nasdaq debut and merger closing dates remain subject to the completion of remaining transaction conditions and applicable listing requirements.
Evernorth Holdings is moving toward an Oct. 8 Nasdaq debut after shareholders of Armada Acquisition Corp. II approved their business combination. The Ripple-backed company expects to hold about 473 million XRP at closing, which Evernorth says would make it the largest publicly traded pure-play XRP treasury company by XRP holdings.
The shareholder vote took place Sept. 30, with the transaction expected to close Oct. 7 subject to remaining conditions. Evernorth’s Class A shares are then expected to begin trading on Nasdaq under the ticker XRPN.
Evernorth Deal Includes XRP Contributions
The business combination is expected to generate about $300 million in gross cash proceeds before transaction expenses. That includes $225 million from related private placements, $30 million in additional convertible note financing and about $48 million from Armada’s trust.
Including in-kind XRP contributions, Evernorth says the transaction and related private placements represent more than $1 billion in combined value. Its backers include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken and GSR.
Former Ripple Executive Leads Evernorth
Evernorth was founded by Asheesh Birla, who joined Ripple in its early years in 2013 and later held senior roles at the company and served on its board. Birla left Ripple’s board after establishing Evernorth, which is structured around holding and actively managing an XRP treasury. Birla said:
“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,”
The exposure would come through Evernorth shares rather than direct ownership of XRP. SEC filings say the company intends to pursue strategies including institutional lending, liquidity provision and participation in XRP Ledger-based markets with the goal of increasing XRP per share over time.
Nasdaq Listing Still Depends on Closing
Evernorth’s planned listing would provide equity-market exposure to a company whose balance sheet is heavily concentrated in XRP. That differs from a spot XRP exchange-traded product because shareholders would own stock in an operating treasury company rather than shares of a passive fund tracking the token.
The Nasdaq debut remains scheduled for Oct. 8, one day after the expected merger closing. Both dates remain subject to completion of the transaction and applicable listing requirements.
