- Armada Acquisition Corp. II shareholders approved the business combination with Evernorth Holdings at a September 30, 2026 extraordinary general meeting
- The transaction and related private placements have raised over $1 billion, with Evernorth expected to hold approximately 473 million XRP at closing
- The combined company expects to close October 7, 2026 and begin trading on Nasdaq under the ticker “XRPN” on October 8
Armada Acquisition Corp. II and Evernorth Holdings Inc. announced in an October 1, 2026 release distributed on PR Newswire that Armada’s shareholders approved the proposed business combination at an extraordinary general meeting held September 30, 2026, clearing the last major hurdle before Evernorth becomes a publicly traded, XRP-focused treasury company.
The companies said the transaction and its related private placements have together raised more than $1 billion, made up of roughly $225 million from private placements, $30 million in convertible notes, and about $48 million held in Armada’s trust account, with some investors contributing XRP directly rather than cash. At closing, Evernorth is expected to hold approximately 473 million XRP, a position the companies describe as making it the largest publicly traded pure-play XRP treasury company.
Notable investors in the raise include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR, and the companies said 100% of both advanced and delayed funders are participating in the deal, a detail meant to signal strong investor commitment heading into closing. The business combination is expected to close October 7, 2026, with shares beginning to trade on Nasdaq under the ticker “XRPN” the following day, October 8.
Evernorth Founder and Chief Executive Officer Asheesh Birla said the public listing “will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” positioning Evernorth as a way for traditional equity investors to gain XRP exposure through a standard Nasdaq-listed stock rather than buying and custodying the token directly.
The deal adds XRP to a growing list of cryptocurrencies now represented by publicly traded corporate treasury vehicles, following the model pioneered by bitcoin treasury companies and more recently extended to ether and solana. With backing from Ripple itself alongside established crypto-focused investors such as Pantera Capital and Kraken, Evernorth’s listing gives public market investors a new, regulated avenue to express a view on XRP’s price without needing direct exposure to the token or the exchanges that trade it.
The shareholder vote also removes the deal uncertainty that has hung over Armada since the combination was first proposed, giving both companies a firm closing date to plan around. With the vote behind it, Evernorth now moves into the operational work of custodying its roughly 473 million XRP position and preparing the investor relations and reporting infrastructure that comes with being a freshly listed Nasdaq company, ahead of its first day of trading on October 8.
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