Ripple-backed Evernorth Holdings has completed its merger with Armada Acquisition Corp. II, clearing the way for the XRP treasury company's shares to begin trading on Nasdaq. The company expects its common shares to list under the ticker XRPN on Monday, October 12, following the October 9 closing of the business combination.

Evernorth enters the public market with approximately 473 million XRP and roughly $300 million in gross cash proceeds. Its backers include Ripple, SBI Group, Kraken, Pantera Capital, Arrington Capital and GSR, placing the company among a growing cohort of digital-asset treasury firms that have pursued US public listings through SPAC mergers. Digital-asset treasury companies raise capital to acquire and manage cryptocurrency holdings, giving public-market investors exposure to a token through equity rather than direct ownership of the asset itself.

Evernorth Completes Armada Merger Ahead of Nasdaq Listing

Evernorth finalized its business combination with Armada, a special purpose acquisition company sponsored by Arrington XRP Capital Fund. Such blank-check companies raise money in an initial public offering and later merge with a private business, taking it public without a traditional IPO process. The company first announced its proposed public listing in October 2025, and Armada shareholders approved the transaction at a meeting on September 30.

The October 9 closing established Evernorth as a publicly traded, XRP-focused treasury business. The company expects its common shares to begin trading on Nasdaq on Monday, October 12, according to its latest timetable; an earlier announcement had targeted October 8. The opening session under the XRPN ticker and the bell ceremony two days later are the immediate milestones on the company's public-market calendar.

Evernorth also plans to ring the exchange's closing bell on October 14. Company executives, investors and XRP ecosystem participants are expected to attend the ceremony marking its entry to the public markets.

Ripple and Institutional Backers Support the XRP Treasury

Evernorth reported holding approximately 473 million XRP at the deal's closing, along with around $300 million in gross cash proceeds before transaction expenses. An October 1 update outlined the funding in more detail: approximately $225 million from private placements, $30 million from convertible note financing and $48 million from Armada's trust account. Investors also contributed XRP directly alongside cash funding.

Ripple joined Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among the company's backers, an investor group that spans financial institutions and businesses active in digital assets.

Evernorth does not intend to maintain a passive treasury position. The company plans to actively manage its XRP holdings, with activities that include yield strategies, participation and capital markets transactions. That active approach means the XRP balance is not static; as a public company, Evernorth's disclosures will document how the position changes as those strategies are carried out.

Capital Deployed Across the XRP Ecosystem

Founder and Chief Executive Officer Asheesh Birla said Evernorth would deploy capital across the XRP ecosystem. Management plans to support infrastructure and applications that expand XRP's use, and the company intends to pursue investment strategies aimed at increasing the amount of XRP attributable to each share over time.

Evernorth has identified tokenized assets, on-chain credit markets and settlement systems as areas requiring capital. The public listing introduces reporting, governance and disclosure obligations alongside that investment strategy. Those periodic disclosures will give shareholders visibility into how the treasury strategy is executed over time.

Michael Arrington, founder of Arrington Capital, said the firm's support reflected its expectations for further institutional participation in the XRP ecosystem.

Analysts Track XRP Recovery Levels After Market Decline

Meanwhile, crypto analysts Dark Defender and EGRAG Crypto continue to track key XRP price support levels following a recent market decline.

Dark Defender's weekly XRP chart outlines an Elliott Wave recovery scenario, placing the price in a second corrective sub-wave after completing the first. The chart identifies $1.3798 as support and roughly $1.56 as a level to clear before another advance. Fibonacci projections on the chart mark $1.8815, $4.1043 and $7.0786 as possible upside levels, with another extension near $2.90, according to a post on X.

EGRAG Crypto's analysis focuses on XRP's monthly chart and two long-term moving averages, using the 33-month exponential moving average as a resistance reference and the 111-month average as longer-term support, per a post on X. He considers $1.20 the main threshold for preserving a bullish thesis on a monthly closing basis; a sustained move below that level would require the setup to be reassessed. EGRAG marks $1.65 as the first level XRP would need to reclaim, followed by Fibonacci extensions near $5.16, $6.21 and $8.09, a more speculative projection above $15.

This article is for informational purposes only and does not constitute financial or investment advice. XRP prices, analyst projections, treasury values and corporate financing details may change.