Key Highlights Shareholders of Armada Acquisition Corp. II greenlit the Evernorth business combination on October 1. Post-merger, Evernorth will control approximately 473 million XRP tokens.
Evernorth has successfully navigated a crucial milestone on its journey to becoming a publicly listed XRP treasury entity. On Thursday, Armada Acquisition Corp. II stakeholders voted in favor of the proposed business combination.
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XRP treasury firm Evernorth won shareholder approval for its $1B merger with Armada II, clearing the path to debut on Nasdaq as XRPN on Oct. 8. pic.twitter.com/JYFj1RzCft
— CoinMarketCap (@CoinMarketCap) October 2, 2026
The finalization of this merger is scheduled for October 7. The following day, October 8, will mark the commencement of trading for the newly merged entity on Nasdaq under the XRPN ticker symbol.
This approval comes months after Evernorth submitted its Form S-4 documentation to the SEC in March. The registration statement received effectiveness designation in August.
Upon transaction completion, Evernorth’s treasury will encompass approximately 473 million XRP tokens. Based on current market valuations, this holding represents roughly $710 million in value.
According to Evernorth, this position will establish the company as the most substantial publicly traded entity focused exclusively on XRP treasury management.
The merger arrangement anticipates generating approximately $300 million in total gross cash. This figure encompasses $225 million secured through private placement investments and an additional $30 million via convertible note instruments.
Armada II’s trust account contributes another $48 million to the total. Additionally, certain investors have made direct XRP token contributions to support the transaction.
The investor consortium backing Evernorth features prominent names including Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company’s strategy involves expanding its XRP holdings per share through yield-generating strategies and strategic capital markets operations.
Evernorth’s CEO Asheesh Birla shared his perspective on the shareholder approval. “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” Birla stated.
Prior to receiving closing contributions, Evernorth’s current holdings stand at approximately 347 million XRP tokens. This portfolio carries a valuation near $512 million based on present market pricing.
Evernorth joins a growing list of cryptocurrency companies choosing the SPAC pathway to access public markets in 2024. Outcomes have been inconsistent across the sector.
Securitize successfully launched on the NYSE in July following its combination with Cantor Equity Partners II. Meanwhile, CoinShares made its Nasdaq entrance in April via a $1.2 billion merger arrangement.
However, not all proposed deals have materialized. Ether Machine abandoned its planned combination with Dynamix in April, attributing the decision to challenging market dynamics.
Similarly, Adam Back’s Bitcoin Standard Treasury Company delayed its shareholder voting process in July to renegotiate transaction terms.
Examining current price dynamics, XRP is trading at $1.50 and maintaining support above its 50-day EMA at $1.381 and 200-day EMA at $1.376. The RSI indicator registers near 57, suggesting moderate momentum without excessive buying pressure.
XRP Price
Market analyst Chadsartin shared observations on X regarding XRP’s technical position. “$XRP IS RUNNING OUT OF ROOM!!! The 1H chart is squeezing tighter as XRP approaches the tip of the triangle. THE DECISION POINT IS HERE,” the analyst noted, highlighting a converging price structure on shorter timeframes.
$XRP IS RUNNING OUT OF ROOM!!!
The 1H chart is squeezing tighter as XRP approaches the tip of the triangle.
THE DECISION POINT IS HERE.
pic.twitter.com/pp29FV7zPj
— Chadsartin.com (@Chadsartin_Llc1) October 1, 2026
Technical resistance levels for XRP appear at $1.671, with a more substantial obstacle positioned near $1.900. Support zones emerge from the EMA convergence around $1.38, with additional downside protection located near $1.300.
XRP concluded the third quarter with gains exceeding 40%. The digital asset currently maintains a market capitalization surpassing $93 billion.
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