The XRP treasury sector reached a new milestone after Evernorth Holdings completed its business combination with Armada Acquisition Corp. II on October 9. The company enters public markets holding approximately 473 million XRP alongside $300 million in gross cash proceeds, with its Nasdaq listing scheduled for October 12 under the ticker XRPN.

The completed merger gives investors another route to gain exposure to XRP through public-market shares. However, Evernorth's stock represents an investment in a company that holds and manages digital assets, rather than direct ownership of XRP. Its financial performance will depend on cryptocurrency prices, capital allocation decisions, operating costs, and the results of its investment strategies.

Evernorth Secures Nasdaq Listing

According to a statement from Evernorth, the company expects its common stock to begin trading on the Nasdaq stock exchange on Monday, October 12, following completion of the deal. The new firm was created to institutional participation in the XRP ecosystem through a publicly traded entity. XRP serves as the native token of the XRP Ledger, a blockchain designed for payments and settlement, which anchors the ecosystem Evernorth is built around.

The business combination followed a series of corporate and regulatory actions. Armada shareholders approved the transaction in September, while the registration statement filed by Evernorth became effective in August. The completion announcement confirms that the deal moved past the shareholder approval stage.

Evernorth was sponsored through Armada Acquisition Corp. II, a special purpose acquisition company backed by Arrington XRP Capital Fund. SPAC transactions allow private businesses to enter public markets by combining with an already-listed acquisition company, subject to regulatory requirements and shareholder approval, rather than through a traditional initial public offering.

Evernorth Enters Public Markets With 473 Million XRP

Evernorth reported total holdings of approximately 473 million XRP and $300 million in gross cash proceeds, excluding transaction costs, according to figures disclosed by the company. It secured funding from institutional and digital asset investors including Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital.

These holdings form the starting point for Evernorth's treasury strategy. The reported cash figure represents gross proceeds rather than the company's actual net cash position once transaction costs and related expenses are excluded. The value of the XRP assets, in turn, will fluctuate with the market price of the token.

The company intends to grow the amount of XRP held per share over time. Chief Executive Asheesh Birla said the company will use the capital to invest within the XRP economy and expand its utility through a range of strategies.

Treasury Strategy Targets Institutional Finance

Evernorth's business strategy centers on deploying its positions through institutional and decentralized finance initiatives, ecosystem involvement, and capital market activity. The firm has identified tokenized assets, on-chain credit markets, and settlement networks as areas that require additional capital to develop further within the XRP ecosystem.

The approach indicates that Evernorth aims to generate additional returns on its investments rather than simply buying and holding XRP tokens. The outcome of the initiative will depend on efficient capital allocation and the management of risks connected to lending, decentralized finance, and other digital-asset operations. These kinds of financial activities can yield returns, but they also carry certain risks.

For shareholders, the key indicator will be growth in XRP positions per share over time. Growth in total XRP holdings does not necessarily benefit existing shareholders if the company issues additional shares at the same time, since per-share value depends on both the size of the treasury and the share count.

Listing Comes Amid Evolving Market Structures

Evernorth's debut arrives as companies continue exploring public-market structures for cryptocurrency exposure. Corporate treasury vehicles first drew broad attention in Bitcoin markets before extending to other digital assets. Spot XRP exchange-traded funds provide one investment route, while publicly traded treasury companies offer exposure through corporate shares. These structures differ in fees, governance, liquidity, and how closely their market values track the underlying cryptocurrency.

Other digital asset firms have also completed SPAC mergers. Securitize merged with Cantor Equity Partners II in July, while CoinShares debuted on Nasdaq after merging with Vine Hill Capital Investment Corp in April. Not every proposed transaction has proceeded, however: Ether Machine abandoned its planned merger in April amid unfavorable market conditions.

Eric Balchunas also noted on X in March that CoinShares had filed for a Bitcoin Volatility ETF:

CoinShares has filed for a Bitcoin Volatility ETF $CBIX pic.twitter.com/j12Q0ON72y — Eric Balchunas (@EricBalchunas) March 23, 2026

Evernorth is expected to ring the Nasdaq closing bell on October 14, joined by company representatives, investors, and members of the XRP community. The company's next step will be to demonstrate the results of its treasury and investment strategies under public reporting requirements. Early observable markers include the first trading sessions under the XRPN ticker following the October 12 debut and whether subsequent disclosures show growth in XRP held per share.