Evernorth, a digital asset treasury company focused on XRP, has completed its merger with the special-purpose acquisition company Armada, a key step toward its debut on the Nasdaq, according to a COINOTAG report published on Oct. 9, 2026.

The company disclosed that it holds 473 million XRP at closing and has raised more than $1 billion through the transaction and its associated private placements.

In an update issued at 07:50 UTC on Oct. 9, COINOTAG reported that the closing followed a shareholder vote on the Armada side in which roughly 20.5 million shares backed the merger against 1.4 million opposed, equivalent to more than 93 percent of the shares voted. A vote of this kind is a standard part of the SPAC process, since a shell company's shareholders must approve the combination before the deal can close.

Evernorth was announced in November 2025 as an XRP-focused treasury company with backing from Ripple, the payments firm associated with the XRP Ledger, and was slated to list on Nasdaq under the ticker XRPN. The company's structure follows a broader pattern among digital asset treasury firms, which raise capital in public markets to acquire and hold a specific token — in this case XRP, the native asset of the XRP Ledger. For readers new to the model, shares in such a company provide exposure to the token it holds through an ordinary equity brokerage account, rather than through direct ownership of the cryptocurrency.

A SPAC merger, in which a private company combines with an already-listed shell company, provides an alternative route to public markets without a conventional initial public offering, and has been widely used by crypto-related businesses seeking listings. With the merger closed, attention now shifts to the Nasdaq debut, where Evernorth is slated to begin trading under the XRPN ticker.

This content was first published on COINOTAG: https://en.coinotag.com/evernorth-completes-spac-merger-473-million-xrp-nasdaq