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Following
XRP Evernorth is expected to complete the merger on October 7 and will become the largest XRP-listed company on Nasdaq.
Evernorth is expected to complete its merger transaction on October 7 and start trading on Nasdaq under the XRPN code the next day. The company will become the largest publicly held treasury company holding approximately 473 million XRP tokens.
Key Points
- Evernorth plans to complete the merger with Armada Acquisition Corp. II on October 7, and shares will begin trading under the XRPN code on October 8.
- The company is expected to hold approximately 473 million XRPs and approximately US$300 million in gross cash at the time of completion of the transaction.
- Some treasury assets were purchased at the end of 2025, and the average cost is US$2.54 per token, which is much higher than the current market price of approximately US$1.50.
Evermouth's Nasdaq listing details
According to a statement issued by Evernorth on October 1, shareholders of Armada Acquisition Corp. II, a shell company merged with Evernorth, approved the transaction at a September 30 meeting. Regulatory filings show that about 20.5 million shares supported the merger, while about 1.4 million shares opposed it. If the remaining conditions are met or waived, the business portfolio should be completed by Wednesday.
The combined company will operate as Evernorth Holdings, and its Class A shares are expected to begin trading on Thursday, using the existing ticker symbol XRPN of Armada II.
The deal is expected to bring in substantial cash of approximately $300 million before fees are paid, including $225 million from private equity offerings,$30 million from convertible bonds and approximately $48 million from the Armada II Trust Fund.
Investors have also contributed XRP in physical form, with supporters including Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Armada II revised its warrant agreement on Monday, scheduled to take effect two days before the plan's closure, allowing the warrants to be exercised at a later date 12 months after the merger is completed or the initial public offering (IPO). The exercise price of each warrant is $11.50 per share.
Risks and Challenges for the XRP Treasury
Asheesh Birla, founder and CEO (a former Ripple executive), said the listing provides investors with a "regulated, transparent way to hold XRP exposure."
Evernorth already held approximately 347 million XRPs before in-kind contributions and plans to increase the number of XRPs it holds per share through revenue strategies, ecosystem participation and capital market activities. Its shares will compete with spot XRP exchange-traded funds (ETFs).
The proxy statement showed that advance investors provided US$214 million, and the company spent the funds to purchase 84.4 million XRPs at the end of 2025, at an average cost of US$2.54 per token. As of October 1, XRP was priced at $1.49, and cryptocurrency analyst Sam Daodu estimates the purchase caused a paper loss of approximately $88 million (or 41%). He also pointed out that Evernorth has not committed to continuing to purchase more XRPs after it goes public.
Evernorth was formed in October 2025 after signing a merger agreement with Armada II, positioning itself as an alternative to passive funds and listing SBI as a $200 million investor. The XRP price used in the agreement was $2.36, and investors holding more than 95% of the committed capital agreed in August to peg the number of shares to the value of the token at the close. The current trading price of XRP is close to US$1.50, down about 59% from the peak of US$3.65 in July 2025.
