Evernorth, a treasury company focused on XRP, has received shareholder approval for its merger with Armada Acquisition Corp. II. The deal, which reached the final stage of regulatory clearance in late August, is scheduled to close on October 7. Trading of the company's Class A common stock under the ticker XRPN on the Nasdaq is set to begin on October 8.
The transaction and associated fundraising efforts have secured over $1 billion in total. The company anticipates gross cash proceeds of approximately $300 million, comprising $225 million from private placements, $30 million in convertible note financing, and $48 million in trust proceeds. Investors also contributed XRP directly to the firm.
Upon closing, Evernorth expects to hold approximately 473 million XRP, positioning itself as the largest publicly traded pure-play XRP treasury company. The firm is backed by major industry participants, including Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. All committed funders are participating in the transaction.
The company plans to increase its XRP holdings per share through yield strategies, capital-markets activity, and ecosystem participation. As a treasury-focused entity, Evernorth's financial performance will be directly linked to the market price of XRP, which is subject to significant volatility.
