Evernorth moved a major step closer to becoming a publicly listed XRP treasury company after shareholders of Armada Acquisition Corp. II voted in favor of the proposed business combination on Thursday, October 1. Evernorth is building a corporate treasury centered on XRP, the native asset of the XRP Ledger.

According to the official announcement, the vote formally authorizes the combination between Evernorth and the special purpose acquisition company and clears the path for the merged firm to begin trading on Nasdaq under the ticker XRPN. SPACs are shell companies that list on an exchange specifically to merge with a private business, offering a route to public markets that bypasses a conventional IPO process.

LATEST: XRP treasury firm Evernorth won shareholder approval for its $1B merger with Armada II, clearing the path to debut on Nasdaq as XRPN on Oct. 8. pic.twitter.com/JYFj1RzCft

— CoinMarketCap (@CoinMarketCap) October 2, 2026

The merger is scheduled to finalize October 7, with trading in the newly merged entity set to commence the following day, October 8, under the XRPN ticker symbol.

The approval follows months of regulatory groundwork. Evernorth submitted its Form S-4 registration statement to the U.S. Securities and Exchange Commission in March, and the filing was declared effective in August.

Treasury Built Around XRP

Upon completion of the transaction, Evernorth's treasury is expected to encompass approximately 473 million XRP tokens, a position worth roughly $710 million at current market valuations. According to Evernorth, this position will establish the company as the most substantial publicly traded entity focused exclusively on XRP treasury management.

The figure builds on Evernorth's existing holdings of approximately 347 million XRP, valued near $512 million at present market prices, before closing contributions are received.

The approach mirrors the digital asset treasury model popular by bitcoin-focused public companies such as Strategy, in which a listed firm holds crypto on its balance sheet — giving equity investors token exposure through a standard brokerage account.

Financing Structure Breakdown

The merger arrangement anticipates generating approximately $300 million in total gross cash, comprising:

• $225 million secured through private placement investments;
• $30 million raised via convertible note instruments;
• $48 million contributed by Armada II's trust account.

Certain investors have also made direct XRP token contributions to support the transaction. Taken together, the deal and related private placements have raised over $1 billion, according to the announcement. The investor consortium backing Evernorth includes Ripple, the blockchain payments firm closely associated with XRP, along with Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR.

The company's strategy centers on expanding its XRP holdings per share through yield-generating strategies and strategic capital markets operations.

Evernorth CEO Asheesh Birla welcomed the shareholder approval. "Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Birla stated.

Mixed Results for Crypto SPAC Ventures

Evernorth joins a growing list of cryptocurrency companies that have chosen the SPAC pathway to access public markets in 2024, though outcomes across the sector have been inconsistent.

Securitize completed its combination with Cantor Equity Partners II and launched on the NYSE in July, while CoinShares entered the Nasdaq in April through a $1.2 billion merger arrangement.

Not all proposed deals have materialized. Ether Machine abandoned its planned combination with Dynamix in April, attributing the decision to challenging market dynamics. Similarly, Adam Back's Bitcoin Standard Treasury Company delayed its shareholder voting process in July to renegotiate transaction terms. Evernorth's October 8 debut will add a further data point on how public markets receive XRP-focused treasury vehicles.

XRP Market and Technical Picture

XRP is trading at $1.50, maintaining support above its 50-day EMA at $1.381 and its 200-day EMA at $1.376. The alignment of the two exponential moving averages has produced a dense support band beneath the current price. The relative strength index (RSI) registers near 57, suggesting moderate momentum without excessive buying pressure.

Market analyst Chadsartin shared observations on X regarding XRP's technical position:

$XRP IS RUNNING OUT OF ROOM!!! The 1H chart is squeezing tighter as XRP approaches the tip of the triangle. THE DECISION POINT IS HERE. pic.twitter.com/pp29FV7zPj

— Chadsartin.com (@Chadsartin_Llc1) October 1, 2026

Technical resistance for XRP appears at $1.671, with a more substantial obstacle positioned near $1.900. Support zones emerge from the EMA convergence around $1.38, with additional downside protection located near $1.300.

XRP concluded the third quarter with gains exceeding 40%, and the asset currently maintains a market capitalization surpassing $93 billion, per CoinGecko data.

Source: Blockonomi