Evernorth has completed its merger with Armada Acquisition Corp., clearing the final corporate hurdle before the company's shares begin trading on Nasdaq and positioning it to hold 473 million XRP as a publicly listed corporate treasury.

The transaction marks a significant milestone in Evernorth's strategy to become one of the largest public holders of XRP, the digital asset used for fast, low-cost cross-border payments on the XRP Ledger. For related coverage, see 400 Million Locked XRP Face October Deadline as Evernorth SPAC Gets $135K Lifeline.

How the Armada Merger Worked

Rather than pursuing a traditional initial public offering, Evernorth went public through a SPAC — a Special Purpose Acquisition Company, meaning a shell company created solely to take another company public. The company filed an S-4 registration statement with the SEC to formalize this path, making the merger a regulatory requirement before trading could begin.

Shareholder approval was the final step. A vote was scheduled for September 30 to ratify the XRP treasury merger after the S-4 registration took effect, and completion of that vote allowed the merger to close.

The 473 Million XRP Treasury

The 473 million XRP holding is the core of Evernorth's value proposition. The company has positioned this balance as its primary asset, in a manner similar to how MicroStrategy built its corporate identity around holding Bitcoin as a reserve — a playbook that has since been adapted by a wave of publicly traded companies holding digital assets as corporate reserves, commonly described in the industry as digital asset treasury firms. At prevailing XRP prices, the amount represents a substantial balance, though its exact current dollar value depends on live market data.

Assembling the treasury was not straightforward. Around 400 million of those tokens were locked and faced an October deadline, with the SPAC structure requiring a small cash infusion to keep the process on track. Completion of the Armada merger resolves that deadline pressure.

What Comes Next: The Nasdaq Debut

With the merger complete, Evernorth now moves toward its Nasdaq listing. A debut on one of the two largest stock exchanges in the United States would give ordinary investors a way to gain exposure to a large XRP treasury without buying the token directly — through a regulated exchange with standard trading hours rather than the around-the-clock crypto market.

No specific trading date or ticker symbol had been confirmed in publicly available disclosures at the time of writing. Investors interested in following the listing can monitor official SEC filings for the final effective date and ticker assignment. The broader merger approval process included a $300 million funding component that drew attention to the scale of the company's XRP ambitions.

Evernorth's listing adds a new publicly traded vehicle tied directly to XRP's price, meaning institutional and retail stock investors will soon have a listed proxy for XRP performance — a development that could broaden demand for the asset over time.

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Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.