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FIGR_HELOC $1.03 Evernorth XRP Treasury Deal Nears Nasdaq Listing Under XRPN
Shareholders of Armada Acquisition Corp II are voting on a merger that would create a Nasdaq-listed XRP treasury company.
Key takeaways
- Roughly 473 million XRP. U.Today reports Evernorth's reserves at around 473 million XRP tokens provided directly by Ripple.
- Over $1 billion raised. The deal is backed by more than $1 billion from investors including Ripple, SBI, Antara and Kraken.
- The XRPN listing. If the deal is approved and completed, the combined company is expected to trade on Nasdaq as XRPN.
What happened
Shareholders of Armada Acquisition Corp II are voting on a proposed merger with Evernorth. Reports say the last stage of the deal has concluded and the advance proxy voting portal has officially closed. Shareholders are now in a live extraordinary meeting to give the deal final approval.
If the merger is approved and completed, the combined company is expected to trade on Nasdaq under the ticker XRPN. Armada Acquisition Corp II is a special purpose acquisition company created to merge with an operating business. Evernorth is the operating company and is structured as an XRP treasury company.
The reports say the treasury would be built from XRP supplied by Ripple. Evernorth has also pointed to XRP per share as a way to measure how much of the token sits behind each share.
Why it matters
The vote will not touch the XRP, wallets or balances held by individual investors. It decides whether a large corporate XRP treasury moves forward under the proposed structure.
Evernorth says it plans to manage its XRP actively. It has said it will lend the token, provide liquidity and put the holdings to work in other parts of the digital asset market. XRP per share is the metric the company has highlighted for performance.
The reports note that lending and liquidity work brings risks that a passive holding structure does not carry in the same way.
A conventional XRP ETF keeps the token with a custodian to back its shares. Evernorth would not simply leave its holdings in custody, so its results depend on how the treasury is run.
What the data shows
At the time of the reports, XRP was trading around $1.49. The token carried a $159 million cluster of short liquidations between $1.50 and $1.553. XRP-based products recorded net daily inflows of +$1.55 million, according to SoSoValue.
The same reports put the deal's scale at more than 470 million XRP, with over $1 billion raised from backers including Ripple, SBI, Antara and Kraken. U.Today lists reserves of around 473 million XRP tokens provided directly by Ripple.
Background
The U.S. Securities and Exchange Commission declared Evernorth's registration statement effective on August 27, which cleared the way for the shareholder vote.
What is still unclear
- The level of redemptions will affect the cash available to the combined company. SPAC shareholders can choose to redeem their shares for cash from the trust, and that process runs separately from the merger vote.
- How the treasury strategy performs will depend on what Evernorth does with its XRP after it becomes a public company.
Questions readers ask
Will the Evernorth merger vote affect my XRP?
No. The vote does not change the XRP, wallets or balances held by individual investors. It only decides whether the corporate treasury plan moves forward.
What ticker will Evernorth trade under?
If shareholders approve the merger and the transaction closes, the combined company is expected to trade on Nasdaq under the ticker XRPN.
How much XRP will the combined company hold?
One report puts the holding at more than 470 million XRP. Another lists reserves of around 473 million XRP tokens provided directly by Ripple.
How is Evernorth different from an XRP ETF?
A conventional XRP ETF holds the token with a custodian to back its shares. Evernorth has said it will actively manage its holdings through lending and liquidity activities.
