---
title: "Evernorth Closes Armada Merger to List 473M XRP Treasury on Nasdaq"
description: "The digital asset treasury company secured $300 million in gross proceeds ahead of trading under the ticker XRPN on Oct. 12."
url: https://basisdesk.news/news/evernorth-completes-armada-merger-nasdaq-xrp-treasury
published: 2026-10-09T20:55:55.701Z
modified: 2026-10-09T20:55:55.701Z
section: Institutions & ETFs
author: Basis Desk Newsroom (AI-generated, source-verified)
sentiment: bullish
tickers: [XRP]
tags: [Evernorth, XRP, Nasdaq, treasury, SPAC, Ripple]
license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice.
---

# Evernorth Closes Armada Merger to List 473M XRP Treasury on Nasdaq

The digital asset treasury company secured $300 million in gross proceeds ahead of trading under the ticker XRPN on Oct. 12.

## At a glance

- **What happened:** Evernorth completed its business combination with Armada Acquisition Corp. II on Oct. 9, 2026, establishing a public XRP treasury vehicle.
- **Why it matters:** The company brings approximately 473 million XRP and $300 million in proceeds to public equity markets to deploy across institutional on-chain infrastructure.
- **Who is affected:** Evernorth, Armada Acquisition Corp. II shareholders, and institutional investors seeking regulated equity exposure to XRP.
- **Takes effect:** 2026-10-12
- **What's next:** Common stock trading begins on the Nasdaq Stock Market under ticker XRPN on Oct. 12, 2026.
- **Primary source:** [Evernorth Completes Business Combination with Armada Acquisition Corp. II](https://www.prnewswire.com/news-releases/evernorth-completes-business-combination-with-armada-acquisition-corp-ii-302903875.html) — PR Newswire

## Key points

- Evernorth completed its business combination with Armada Acquisition Corp. II on Oct. 9, 2026.
- The company enters public markets holding roughly 473 million XRP alongside $300 million in gross cash proceeds.
- Trading on the Nasdaq Stock Market under the ticker XRPN is scheduled to begin on Oct. 12, 2026.

## Editorial remark

- **Context:** Armada Acquisition Corp. II shareholders recently approved the transaction, creating a specialized corporate treasury vehicle designed to acquire and deploy XRP using public capital markets.
- **Impact:** Institutional investors gain a regulated, liquid equity instrument for XRP exposure, while the XRP ecosystem gains a capitalized treasury dedicated to funding settlement and credit protocols.
- **Watch:** Trading commences on Nasdaq under ticker XRPN on Oct. 12, followed by the company ringing the Nasdaq closing bell on Oct. 14, 2026.

Evernorth Holdings Inc. completed its business combination with special purpose acquisition company Armada Acquisition Corp. II on Oct. 9, 2026, paving the way for its public debut [1]. The firm announced that its common stock will begin trading on the Nasdaq Stock Market on Oct. 12, 2026, under the ticker XRPN [1]. At the closing of the transaction, Evernorth enters public markets holding approximately 473 million $XRP and approximately $300 million in gross cash proceeds before transaction expenses [1].

The transaction follows the recent [approval by Armada II shareholders](https://basisdesk.news/news/armada-ii-evernorth-xrp-treasury-nasdaq-listing) to create a publicly traded corporate treasury model focused on XRP [1]. Sponsored by Arrington XRP Capital Fund, LP, the vehicle drew backing from institutional digital asset investors including SBI Group, Ripple, Pantera Capital, Kraken, and GSR [1]. Asheesh Birla, founder and chief executive officer of Evernorth, stated that the firm aims to deploy balance sheet capital across tokenized assets, on-chain credit markets, and settlement infrastructure while seeking to increase XRP holdings per share over time [1].

## Deployment Strategy and Governance

Evernorth plans to differentiate itself from passive asset holding vehicles by utilizing institutional and decentralized finance yield strategies, capital markets activity, and direct ecosystem participation [1]. Michael Arrington, founder of Arrington Capital, noted that the public structure aims to bring scaled capital alongside the disclosure and governance requirements of a Nasdaq-listed entity [1]. Evernorth leadership and investors are scheduled to ring the Nasdaq closing bell on Oct. 14, 2026 [1].

## Sources

1. [Evernorth Completes Business Combination with Armada Acquisition Corp. II](https://www.prnewswire.com/news-releases/evernorth-completes-business-combination-with-armada-acquisition-corp-ii-302903875.html) — PR Newswire, 2026-10-09

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