XRP could soon get something closer to its own version of Strategy as shareholders vote on a deal that would bring Ripple-backed Evernorth to Nasdaq under the ticker XRPN. Armada Acquisition
XRP could soon get something closer to its own version of Strategy as shareholders vote on a deal that would bring Ripple-backed Evernorth to Nasdaq under the ticker XRPN.
Armada Acquisition Corp. II shareholders are scheduled to vote Sept. 30 on the proposed business combination with Evernorth. If approved and the remaining closing conditions are met, the combined company is expected to list on Nasdaq as XRPN. The SEC declared the transaction’s Form S-4 registration statement effective in August, clearing the disclosure hurdle required before the vote.
The comparison with Strategy is obvious: both models give stock-market investors exposure to a large corporate crypto treasury. But Evernorth plans to do considerably more with its XRP than simply hold it.
Evernorth Already Holds More Than 473 Million XRPEvernorth has accumulated more than 473 million XRP, establishing one of the largest corporate XRP positions disclosed publicly. An SEC-filed announcement said the company had purchased or committed to 473,276,430 XRP after a $214 million acquisition in late 2025.
That treasury is central to the proposed public company.
Rather than behaving as a passive proxy for XRP, Evernorth says it intends to deploy capital throughout the XRP economy and pursue strategies designed to increase XRP per share over time. That can include participation in XRP-based infrastructure and other onchain financial activity.
The structure builds on a broader trend of public companies treating XRP as a treasury asset, but Evernorth would operate at a much larger scale.
Why XRPN Is Different From StrategyStrategy popularized the corporate crypto treasury model by using equity and debt markets to accumulate Bitcoin.
Evernorth is borrowing part of that playbook, but the economics are different.
Its plan is not simply to increase the absolute amount of XRP it owns. The company wants to generate additional value from its holdings through the XRP ecosystem while measuring success partly by XRP exposure per share.
That distinction is important because digital-asset treasury companies can trade either above or below the net value of the cryptocurrency they own. A persistent discount can make issuing new shares to buy additional tokens much less attractive.
Evernorth has already adjusted its deal structure to tie shareholder economics more closely to the value of its XRP treasury ahead of the Nasdaq debut.
The company also recently secured a $30 million convertible note that could provide additional capital after the SPAC transaction closes. The financing can potentially be used to acquire more XRP, adding another mechanism for expanding the treasury. The funding remains conditional on the deal closing.
