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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
10/02/2026

Evernorth Shareholders Approve $1B XRP Treasury Deal, Nasdaq Debut Set

What happened: Shareholders of Armada Acquisition Corp.

Evernorth Shareholders Approve $1B XRP Treasury Deal, Nasdaq Debut Set

What happened: Shareholders of Armada Acquisition Corp. II approved the merger with Evernorth Holdings, clearing the way for the XRP treasury company to list on Nasdaq under the ticker XRPN on October 8, 2026. The transaction raised over $1 billion in gross proceeds, including $300 million in cash and XRP in-kind contributions. Evernorth is expected to hold approximately 473 million XRP at closing, with investors including Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR.

Why it matters: This deal positions Evernorth as the largest institutional XRP treasury on Nasdaq and highlights the growing trend of digital asset treasuries leveraging public markets for liquidity and legitimacy. The structure, relying on both cash and in-kind XRP, raises questions about asset concentration and custody, but the move is backed by major industry players and confirmed by SEC filings.

Source: The Block