XRP’s Nasdaq Moment Is Here: Evernorth Completes Merger

The XRP-focused treasury company has officially completed its business combination with Armada Acquisition Corp. II, clearing the final major hurdle before its Nasdaq debut.

Evernorth will enter the public markets holding approximately 473 million Ripple tokens and around $300 million in gross cash proceeds.

473M XRP Heads to Nasdaq

The development will allow public-market investors to gain access to one of the largest corporate XRP treasury firms, which intends to do considerably more than passively hold the asset. The closing announced on Friday evening follows the shareholder vote previously reported by us, when roughly 20.5 million Armada shares voted in favor of the merger, compared with just 1.4 million against.

At the time, Evernorth disclosed more than $1 billion raised through the transaction and associated private placements. Previous investors in the company came from prominent names in the crypto and traditional finance space, including Ripple itself, SBI Group, Panter Capital, GSR, and Arrington Capital.

“Our conviction in XRP has always been rooted in the belief that the ecosystem would continue to mature, attracting serious builders and capital. Our support for Evernorth is a natural extension of that thesis. It brings scaled capital, active participation, and the standards of a public company, playing a critical role in the institutional development of this infrastructure,” said Michael Arrington, founder of Arrington Capital.

The final timeline has shifted slightly from earlier expectations, as Evernorth previously anticipated closing the deal on October 7 and beginning trading the following day. The completed transaction now, though, puts the official Nasdaq debut on Monday, October 12, while management expects to ring the closing bell on October 14, reads the announcement.

Not Just XRP Holding

Evernorth described itself as an actively managed XRP treasury. CEO Asheesh Birla said the company intends to deploy capital throughout the XRP economy while pursuing strategies designed to increase XRP per share over time.

The idea is to participate in institutional and DeFi yield strategies, ecosystem infrastructure, on-chain credit markets, and other capital-markets activities. Evernorth’s post noted that this approach distinguishes XRPN from a passive vehicle that simply tracks the price of the cross-border token.