Evernorth clears shareholder vote for Nasdaq XRP listing
Evernorth clears shareholder vote on its merger with blank-check firm Armada Acquisition Corp. II, clearing the path to a Nasdaq debut under ticker XRPN once the SPAC deal closes. The combined company expects to hold about 473 million XRP—worth roughly $710 million at recent prices—positioning it as the largest publicly traded pure-play XRP treasury company.
The vote removes one of the last major hurdles after Evernorth filed its Form S-4 registration statement with the U.S. Securities and Exchange Commission in March. The SEC declared that registration effective in August, leaving shareholder approval among the remaining steps before listing.
Key Takeaways
- Armada II shareholders approved the business combination; closing is expected Oct. 7, with XRPN set to begin trading on Nasdaq the next day, subject to final conditions.
- Evernorth expects about 473 million XRP at closing, valued near $710 million when XRP traded around $1.50 per CoinGecko data cited in reporting.
- The transaction is projected to raise roughly $300 million in gross cash, including $225 million from related private placements, $30 million in convertible note financing, and about $48 million from Armada II's trust.
- Investors in the deal include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR; some participants contributed XRP directly.
- Crypto treasury SPAC listings have had a split 2026, with wins like CoinShares on Nasdaq and setbacks including scrapped Ether and Bitcoin treasury mergers.
When Will Evernorth Start Trading on Nasdaq?
Evernorth said it expects the merger to close on Oct. 7, 2026. Shares of the combined company would begin trading on Nasdaq under the symbol XRPN the following day if remaining closing conditions are satisfied.
The timeline follows months of regulatory work. Shareholder approval was widely viewed as the next gate after the effective S-4 registration, making Thursday's vote a concrete step toward a public market for the XRP-focused treasury model.
How Big Is the 473M XRP Treasury?
At closing, Evernorth plans to hold approximately 473 million XRP. With XRP near $1.50 at the time of the announcement, that stack was worth about $710 million on paper.
Evernorth has said it intends to grow XRP holdings per share through yield strategies, participation in the XRP ecosystem, and capital markets activity. That framing mirrors other digital-asset treasury firms that pitch public shareholders on balance-sheet crypto exposure rather than operating revenue alone.
Why Does This Vote Matter Amid Crypto SPAC Headwinds?
Evernorth's planned debut lands in a year when crypto-related SPAC paths have diverged sharply. Tokenization firm Securitize reached the New York Stock Exchange in July after merging with Cantor Equity Partners II, and CoinShares listed on Nasdaq in April following a $1.2 billion combination with Vine Hill Capital Investment Corp.
Other treasury-focused deals faltered. Ether Machine abandoned a merger with Dynamix in April, citing unfavorable markets and ending plans for a $1.5 billion yield-bearing Ether fund. In July, Adam Back's Bitcoin Standard Treasury Company and Cantor Equity Partners I scrapped original merger terms and postponed a shareholder vote while renegotiating.
For more context on listings, regulation, and market moves, see our Fintech & Crypto Alerts coverage. Primary details on the vote and treasury figures come from CoinTelegraph's reporting, which cited CoinGecko for XRP pricing.