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XRP Shareholders unanimously support Evernorth as it reaches a key milestone in listing
Evernorth has crossed a key hurdle on its way to a public listing. On September 30, shareholders of Armada Acquisition Corp. II voted to approve all proposals related to the merger with Evernorth at a virtual special meeting. The election supervisor has confirmed that all matters submitted to the vote have been approved.
After meeting regular conditions, the combined company is expected to complete trading soon and will subsequently begin trading on the Nasdaq Stock Exchange under the ticker symbol XRPN. Evernorth is a digital asset custodian designed to serve as a regulated investment vehicle to help public market investors seeking XRP exposure. Its investors include well-known institutions such as Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
Evernorth's Market Value and Strategic Positioning
Evernorth has accumulated more than 473 million XRP holdings, establishing its position as one of the largest publicly disclosed enterprise-level XRP positions. This position forms the core foundation of its public trading structure. Instead of passively tracking XRP prices, Evernorth said it plans to deploy capital across the XRP economic ecosystem and pursue strategies designed to increase the value of XRP per share over time. Its strategy covers borrowing, liquidity support and other XRP-based activities, with the goal of gradually increasing the amount of XRP support behind each share.
Evernorth was incorporated in Nevada in August 2025 as a wholly-owned subsidiary of Ripple Labs, which is a structured vehicle specifically designed to invest in XRP through the public equity market. The deal is expected to generate total revenue of more than $1 billion, with key backers including Ripple, SBI Group, Pantera Capital, Kraken and GSR.
Asheesh Birla, CEO who once led Ripple's payments business, sees the listing as a strategic bet on the "migration of institutional finance up the chain." "As blockchain's usefulness continues to grow, we plan to enter the open market because we believe institutional finance will increasingly be built on the chain," he said."Evernorth was originally designed to accelerate the role of XRP in this process."
As shareholder approval was obtained, market attention turned to the formal trade closure process and XRPN's debut on Nasdaq. This will make Evernorth the first specially constructed XRP custodian company to trade on a major U.S. exchange.
