---
title: "Armada II Shareholders Approve Evernorth Merger to Launch XRP Treasury on Nasdaq"
description: "The deal will establish a publicly traded firm holding approximately 473 million XRP, with Nasdaq trading under ticker XRPN slated for Oct. 8."
url: https://basisdesk.news/news/armada-ii-evernorth-xrp-treasury-nasdaq-listing
published: 2026-10-01T19:12:02.073Z
modified: 2026-10-01T19:12:02.073Z
section: Institutions & ETFs
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: bullish
tickers: [XRP]
tags: [xrp, treasury, nasdaq, spac, institutional-adoption]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

# Armada II Shareholders Approve Evernorth Merger to Launch XRP Treasury on Nasdaq

The deal will establish a publicly traded firm holding approximately 473 million XRP, with Nasdaq trading under ticker XRPN slated for Oct. 8.

## Key points

- Armada II shareholders approved the business combination with Evernorth Holdings on Sept. 30 [1].
- The deal provides roughly $300 million in gross cash proceeds and an in-kind balance sheet of about 473 million XRP [1].
- Trading of the combined firm under the ticker "XRPN" on Nasdaq is scheduled to commence on Oct. 8 [1].

## Editorial remark

- **Context:** Corporate digital asset treasuries have gained prominence following Bitcoin accumulation strategies by public firms, expanding here to dedicated altcoin holdings via special purpose acquisition companies.
- **Impact:** Provides institutional equity markets with direct, regulated exposure to XRP reserves without requiring direct spot token custody or exchange accounts.
- **Watch:** Closing of the transaction on Oct. 7 and the initial public trading debut under ticker XRPN on Nasdaq on Oct. 8.

Shareholders of Armada Acquisition Corp. II voted to approve the company's business combination with digital asset treasury firm Evernorth Holdings, Inc. on Sept. 30 [1]. The transaction and associated private placements have secured more than $1 billion in total value, setting up the entity to become the largest publicly traded pure-play $XRP treasury company upon closing [1].

The merger is scheduled to close on Oct. 7, contingent on satisfying remaining standard closing conditions [1]. Class A common stock for the combined firm will begin trading on the Nasdaq exchange under the ticker symbol "XRPN" on Oct. 8 [1]. Evernorth is led by Founder and Chief Executive Officer Asheesh Birla, formerly an executive at Ripple [1].

## Treasury Structure and Capital Details

The business combination is projected to deliver approximately $300 million in gross cash proceeds before transaction expenses [1]. According to company disclosures, this cash injection includes $225 million via private placements, an incremental $30 million convertible note financing round, and roughly $48 million from Armada II's trust account [1]. 

Beyond cash funding, investors contributed XRP in kind to the vehicle [1]. At transaction closing, Evernorth is projected to hold roughly 473 million $XRP [1]. The backer group spans institutional crypto firms and venture entities, including Ripple, Pantera Capital, SBI Group, Kraken, GSR, and Armada II sponsor Arrington Capital [1]. Evernorth stated it intends to pursue active yield strategies, ecosystem initiatives, and capital markets deployments designed to increase its XRP holdings per share over time [1].

The creation of public treasury vehicles mirrors broader industry efforts to expand token-backed corporate entities alongside institutional infrastructure developments, including initiatives like [CSD BR's asset mirroring on the XRP Ledger](https://basisdesk.news/news/csd-br-ripple-xrp-ledger-brazil-tokenization). At the time of writing, XRP traded around $1.50.

## Sources

1. [Shareholders Approve Evernorth Business Combination; Transaction and Related Private Placements Have Raised Over $1 Billion; Nasdaq Trading Under "XRPN" Expected to Begin on October 8](https://www.prnewswire.com/news-releases/shareholders-approve-evernorth-business-combination-transaction-and-related-private-placements-have-raised-over-1-billion-nasdaq-trading-under-xrpn-expected-to-begin-on-october-8-302895260.html) — prnewswire.com, 2026-10-01

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Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai