Evernorth has cleared a decisive hurdle on its path to becoming a publicly traded asset management company focused on XRP, after shareholders of Armada Acquisition Corp. II approved the business combination between the special purpose acquisition company and the XRP treasury firm. The approval is the key shareholder step in a de-SPAC transaction, in which a publicly traded blank-check company merges with a private firm and brings it to public markets without a traditional IPO.

The deal is expected to close on October 7, with the combined company targeting a Nasdaq debut the following day under the ticker XRPN, subject to remaining closing conditions and listing approval. If the timeline holds, an XRP-focused treasury company would reach a major U.S. stock exchange a week after the vote.

News of the approval was confirmed in an X post from Evernorth on October 1, 2026:

Armada Acquisition Corp. II shareholders have approved the business combination with Evernorth. Thank you to every shareholder who voted, and to the XRP community that has followed every step.

Expected next:

Oct 7: Closing
Oct 8: Nasdaq trading under XRPN

At closing, Evernorth expects to hold approximately 473 million XRP, making it the largest publicly traded pure-play XRP treasury company. Completion remains subject to customary closing conditions, and trading is subject to Nasdaq listing approval.

Full release:

This content is for informational purposes only and does not constitute investment advice. This content may contain forward-looking statements that involve risks and uncertainties; actual results may differ materially. Digital assets involve risk, including potential loss of principal. Learn more about Evernorth:

— evernorthxrp (@evernorthxrp) October 1, 2026

Approximately 473 Million XRP Held at Closing

Upon completion, Evernorth expects to hold roughly 473 million XRP, a position the company says would make it the largest publicly traded pure-play XRP treasury company.

Total gross cash proceeds, before expenses, are expected to total approximately $300 million. That amount comprises approximately $225 million in related private placements, $30 million in convertible note financing, and approximately $48 million in financing from Armada II's trust account — the standard SPAC mechanism, in which a blank-check company holds the proceeds of its own public listing in trust until a business combination is approved. Investors have also funded part of the transaction in XRP itself, aligning their contributions with the company's planned digital asset holdings.

More Than $1 Billion Raised Across the Deal

According to Evernorth, total proceeds from the transaction and its accompanying private placements exceed $1 billion. The company's roster of investors includes Ripple — the payments firm most closely associated with XRP — along with crypto exchange Kraken, Japan's SBI Group, market maker GSR, and digital asset investment firm Arrington Capital.

The company also stated that all forward and delayed funders — investors committed to purchasing shares at or after closing — remain on board with the transaction, supporting its expected closing.

XRPN Trading Could Begin October 8

For the business combination to close on October 7, all remaining conditions and covenants must be satisfied or waived. Upon closing, the merger will result in a new holding company, Ever-North Holdings, Inc., whose Class A common stock is slated to begin trading on Nasdaq on October 8 under the symbol XRPN.

The listing is designed to give public-market investors access to a company focused primarily on XRP rather than a treasury spread across multiple digital assets, mirroring a broader class of publicly listed digital asset treasury firms that hold crypto on their balance sheets to offer stock investors indirect exposure to the underlying token. Investors would not hold XRP directly; instead, they would own shares of Evernorth, with outcomes tied to the company's capital, operating strategy, and execution.

Evernorth Plans to Grow XRP Per Share

Looking ahead, Evernorth intends to build its XRP-per-share position over time through yield strategies, including the incremental expansion of its XRP staking program, alongside participation in the XRP ecosystem and capital markets operations. The accumulation metric echoes the “bitcoin per share” benchmark used by bitcoin-focused treasury companies to track growth in token holdings per share outstanding.

The company positions itself as an active digital asset treasury rather than a passive holder of tokens. It plans to invest in opportunities across the XRP ecosystem while keeping XRP as the core asset on its balance sheet.

The shareholder approval removes the final major hurdle ahead of the listing, though closing remains dependent on customary closing requirements and Nasdaq approval.

Source: Crypto Ninjas