Evernorth is set to begin trading on Nasdaq after shareholders of Armada Acquisition Corp. II approved the merger between the two companies on September 30. According to an announcement issued on October 1, the transaction and its related private placements raised more than $1 billion. The deal is scheduled to close on October 7, with shares expected to trade under the ticker symbol XRPN beginning October 8.

For investors, XRPN offers an additional regulated route to XRP exposure alongside direct token ownership and spot exchange-traded funds. The listing also serves as a market test of whether the digital asset treasury model — until now dominated by Bitcoin — can be successfully extended to another major token.

Final shareholder vote clears the SPAC merger

Under the agreement, Evernorth will merge with Armada II, a special purpose acquisition company (SPAC) backed by Arrington XRP Capital Fund. In a transaction of this kind, the target becomes the operating company inside the SPAC's already-listed shell, reaching public markets without a conventional IPO. The parties signed the business combination agreement on October 19, 2025, with Ripple Labs included in the deal. Per an SEC filing, the Securities and Exchange Commission approved Evernorth's Form S-4, allowing Armada II to distribute the necessary merger documents to shareholders and put the transaction to a vote.

Evernorth counts Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among its investors. The company expects to hold approximately 473 million XRP once the transaction closes.

An actively managed treasury, not a passive wrapper

Evernorth says it intends to do more than simply keepRP on its balance sheet. Its strategy includes earning yield, participating in the XRP ecosystem, and using capital-markets opportunities to increase the amount of XRP per share. Chief Executive Asheesh Birla has described the company as an "actively managed XRP treasury with the transparency and governance public markets demand," according to the SEC disclosure.

The structure matters because a healthy share price could give Evernorth the opportunity to raise additional funding and deploy it into further XRP purchases.

Institutions have already embraced spot XRP ETFs. According to Ripple, US XRP ETFs had accumulated roughly $1 billion in cumulative inflows by December 16, 2025, and $1.5 billion by early March 2026. Goldman Sachs disclosed approximately $153.8 million in exposure across four products, according to Ripple's analysis. Where those funds track the token's price, Evernorth's stated objective is to grow the amount of XRP backing each share.

A treasury landscape still dominated by Bitcoin

Bitcoin remains the centerpiece of the corporate treasury trade. According to The Block's treasury tracker, 119 public companies hold more than $134.7 billion in cryptocurrencies by net asset value. Bitcoin accounts for the largest share at 80.3%, which translates to roughly $108.1 billion.

According to CoinShares, higher token prices reopened fundraising channels in September. As a result, Strategy resumed its purchasing activity, acquiring 4,603 BTC for approximately $369.7 million.

Why the flywheel can spin in reverse

The same model becomes considerably less forgiving when crypto prices decline. Falling token prices can compress valuations, erase share premiums, and make financing more expensive. A study of Bitcoin treasury companies found strong Bitcoin exposure but no statistically significant abnormal returns after standard risk adjustments.

As Cryptopolitan has noted, reflexivity "cuts both ways." Evernorth will enter public markets carrying XRP's volatility on top of ordinary public-company risks. Once trading begins, the figure to watch will be how XRPN's market value compares with the value of its XRP holdings — the premium that, in this model, funds further accumulation. The real test will be whether active management can generate durable value rather than simply amplify the swings.