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ZEC $1,222 Evernorth completes Nasdaq SPAC merger holding 473 million XRP
Evernorth finished its business combination with Armada Acquisition Corp. II and expects to trade on Nasdaq under XRPN on October 12.
Key takeaways
- Roughly 473M XRP. Evernorth holds about 473 million XRP, which CoinGape valued at roughly $230 million.
- More than $1 billion raised. Evernorth said it raised more than $1 billion through the transaction and associated private placements.
- Shares backed the deal. Roughly 20.5 million Armada shares voted for the merger, compared with just 1.4 million against.
What happened
Evernorth closed its business combination with Armada Acquisition Corp. II on October 9. Its common stock is expected to begin trading on Nasdaq on October 12 under the ticker XRPN. CoinGape reported that the deal was structured as a SPAC merger rather than an IPO.
The deal brings about 473 million XRP, plus $300 million in gross cash proceeds before expenses. CoinGape reported the company holds 473 million XRP worth roughly $230 million. Its investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Evernorth plans to put capital to work in XRP lending, liquidity provision, decentralized finance, tokenization and blockchain infrastructure projects.
Why it matters
The listing gives public-market investors exposure to a corporate XRP treasury. Evernorth calls itself an actively managed XRP treasury. CEO Asheesh Birla said the company wants to invest across the XRP economy and aims to raise the amount of XRP per share over time. It also aims to support tokenized assets, onchain credit markets and settlement infrastructure.
The Nasdaq listing will require regular financial disclosures, which should let investors review XRP holdings, cash and operating expenses in company filings. Arrington Capital founder Michael Arrington said Evernorth would add capital and public-company discipline to institutional work in the XRP ecosystem.
What the data shows
CoinGape reported the 473 million XRP was worth roughly $230 million, alongside $300 million in gross cash proceeds before expenses. Evernorth said it raised more than $1 billion through the transaction and associated private placements. In the shareholder vote, about 20.5 million Armada shares voted in favor, against 1.4 million opposed. XRP traded near $1.4 at the time.
Background
Evernorth announced its merger agreement in October 2025. Its plan then involved institutional lending, liquidity provision and XRP accumulation. Shareholders approved the deal on September 30, and Arrington XRP Capital Fund sponsors the company. Evernorth plans to ring the Nasdaq closing bell on October 14. The timeline moved: Evernorth had expected to close on October 7 and start trading the next day.
What is still unclear
- Its financial position may shift as it buys or sells XRP and backs new projects.
- Future filings should give more detail on revenue sources, operating costs and treasury management.
Questions readers ask
What is Evernorth?
Evernorth is an XRP-focused treasury company that closed its business combination with Armada Acquisition Corp. II. It describes itself as an actively managed XRP treasury.
When does Evernorth stock start trading on Nasdaq?
Its common stock is expected to begin trading on Nasdaq on October 12 under the ticker XRPN. The company plans to ring the Nasdaq closing bell on October 14.
How much XRP does Evernorth hold?
The transaction brings approximately 473 million XRP, and CoinGape reported the holding was worth roughly $230 million.
Who are Evernorth's investors?
Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
