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10/02/2026

Evernorth Shareholders Approve $1B XRP Treasury Deal, Clearing Path to Nasdaq Debut

What happened: Shareholders of Armada Acquisition Corp.

Evernorth Shareholders Approve $1B XRP Treasury Deal, Clearing Path to Nasdaq Debut

What happened: Shareholders of Armada Acquisition Corp. II approved a merger with Evernorth, an XRP treasury management company, by a wide margin on October 1, 2026. The deal, expected to close on October 7, will see Evernorth debut on Nasdaq under the ticker XRPN. The company will hold approximately 473 million XRP (worth around $710 million at current prices) and has raised over $1 billion, including $214 million from advance investors who bought XRP at $2.54—well above the current price of $1.48.

Why it matters: This marks one of the largest altcoin treasury vehicles to go public, backed by major industry players including Ripple, Pantera Capital, and SBI Group. The deal tests investor appetite for non-Bitcoin digital asset treasuries and raises questions about the viability of such strategies amid volatile token prices. Notably, early backers are currently underwater on their XRP holdings, highlighting the risks of altcoin exposure even in institutional-grade vehicles.

Source: The Block