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ZEC $1,351 Evernorth clears SPAC vote with 473M XRP ahead of Nasdaq listing
Evernorth won shareholder approval for its merger with Armada Acquisition Corp. II and expects to start trading on Nasdaq under XRPN.
Key takeaways
- The vote passed. Shareholders approved the merger with about 20.5 million shares in favor and 1.4 million against.
- The treasury is large. Evernorth will list with approximately 473 million XRP, described as the largest pure-play XRP treasury on public markets.
- The raise topped $1 billion. The deal and private placements raised more than $1 billion, including about $300 million in gross cash.
What happened
Evernorth cleared the final corporate hurdle in its merger with the blank-check company Armada Acquisition Corp. II. Shareholders approved the business combination on September 30, 2026, and Armada II's filing reported about 20.5 million shares in favor and 1.4 million against.
The company expects the deal to close on October 7. Its shares should start trading the next day under the ticker XRPN, the symbol the SPAC already uses, which U.Today reported as an October 8 Nasdaq debut.
The regulatory path was cleared earlier, when the SEC declared Evernorth's registration statement effective on August 27. The approval was confirmed by Evernorth CEO Ashish Birla, a former Ripple executive.
Evernorth will list with approximately 473 million XRP on its balance sheet, which the report describes as the world's largest pure-play XRP treasury among publicly traded companies.
Why it matters
The listing puts a single-token treasury on a major public exchange, giving investors exposure to XRP through a company structure rather than a fund. The firm said the deal and its private placements raised more than $1 billion, with about $300 million of that total in gross cash.
Private placements supply $225 million of the cash, and another $30 million comes from convertible notes the company agreed to sell in September. The deal also drew anchor investors including Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken and GSR.
Evernorth says it will manage the treasury actively instead of holding coins passively like spot ETFs. CEO Ashish Birla said shareholders backed that vision, and the company's stated strategy is to put 473 million XRP to work across the XRP Ledger ecosystem.
What the data shows
Proxy financial statements put the cost of 346.3 million of Evernorth's XRP at $846.6 million. By June 30, 2026, the company carried those tokens at $348.8 million, and it recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026.
Token contributions include 211.3 million tokens from RippleWorks, 126.8 million XRP from Ripple and a further 50 million from the Larsen Lam Children's Remainder Trust. Advance funding investors provided $214 million, which Evernorth spent in late 2025 on 84.4 million XRP at an average of $2.54 per token.
The SPAC's trust adds about $48 million of cash and held about $241.9 million on the August 20 record date. Public shareholders could redeem at an estimated $10.52 each until September 28.
What is still unclear
- Neither the release nor the vote filing says how many shareholders redeemed their shares from the trust.
- Investors contributed part of the raised total as XRP, and the release does not value that portion in dollars.
- Evernorth books XRP at cost and writes it down to the lowest intraday price since acquisition, and that written-down value is not adjusted upward when the price recovers.
Questions readers ask
What is Evernorth?
Evernorth is the company formed through a merger with Armada Acquisition Corp. II. It expects to trade on Nasdaq under XRPN with approximately 473 million XRP on its balance sheet.
When will XRPN start trading?
Evernorth expects the deal to close on October 7, with shares starting to trade the next day under XRPN. U.Today reported the Nasdaq debut as October 8.
How did shareholders vote on the merger?
About 20.5 million shares voted in favor and 1.4 million against, according to Armada II's filing. The approval came on September 30, 2026.
What does Evernorth plan to do with its XRP?
The company says it intends to manage the treasury actively rather than hold it passively, putting 473 million XRP to work across the XRP Ledger ecosystem through DeFi protocols and arbitrage.
