A 473 million XRP treasury is moving toward Nasdaq after Armada Acquisition Corp. II shareholders approved their business combination with Evernorth. The deal is expected to close on Oct. 7,
A 473 million XRP treasury is moving toward Nasdaq after Armada Acquisition Corp. II shareholders approved their business combination with Evernorth.
The deal is expected to close on Oct. 7, with Evernorth shares scheduled to begin trading on Nasdaq under XRPN on Oct. 8, according to the company’s official shareholder-vote announcement.
XRP itself is not being listed on Nasdaq. Instead, investors will gain exposure to a public company whose strategy centers on holding and actively deploying XRP.
Evernorth Brings More Than $1 Billion Behind XRPThe transaction and related private placements have attracted more than $1 billion in funding commitments, while the closing is expected to generate roughly $300 million in gross cash proceeds.
At closing, Evernorth expects to hold approximately 473 million XRP, making it one of the largest public-market XRP treasury vehicles.
That puts it well beyond the smaller companies already adding XRP to corporate treasuries.
Evernorth also plans to do more than simply hold the token. Its strategy includes XRP liquidity, lending and ecosystem-related activities designed to increase XRP per share over time.
The XRP Price Drop Changed the Deal EconomicsXRP now trades well below the roughly $2.36 level used when the transaction was originally negotiated, making the structure of the deal important.
Evernorth revised the transaction so shares issued at closing reflect XRP’s market value closer to the closing date rather than relying only on the original signing price.
That means a lower XRP price can reduce the number of shares issued and increase each remaining share’s proportional exposure to the treasury.
The 473 million XRP also were not all acquired at one price. SEC disclosures show 84.37 million XRP were purchased for $214 million at an average $2.5366, while other tokens came from Ripple and transaction investors.
XRPN Is Not an XRP ETFEvernorth will give investors a different form of exposure from a spot XRP ETF.
An ETF primarily tracks XRP’s market price. Evernorth plans to actively manage and deploy its holdings, so its future value could depend on both XRP performance and management’s ability to grow XRP per share.
That distinction has shaped the broader 473 million XRP Nasdaq strategy.
Evernorth also has access to a $30 million convertible note that can fund additional XRP purchases after the transaction closes.
