Evernorth Nasdaq Listing Approved
Evernorth Secures Shareholder Approval for Planned 473-Million-XRP Nasdaq Listing
Anonymous
Key Points
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At the September 30 meeting, about 69% of Armada II’s 31.59 million voting shares were represented. The merger agreement passed with 20,514,034 votes in favor, 1,362,081 against and 930 abstentions—about 93% approval among votes cast.
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Evernorth said all advanced and delayed funders are participating. Named investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
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Evernorth CEO Asheesh Birla described the planned listing as a way to provide XRP exposure through public markets, saying: “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy.”
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Evernorth says its anticipated XRP balance would make it the largest publicly traded pure-play XRP treasury company, though that status depends on the transaction closing.
Armada Acquisition Corp. II shareholders approved a business combination with Evernorth Holdings on September 30, clearing the path for a Nasdaq listing. The deal is set to close October 7, with trading under ticker XRPN expected to begin October 8. Crypto Ticker reported that Evernorth will hold approximately 473 million XRP at closing, making it the largest publicly traded pure-play XRP treasury company.
About 69% of Armada II's 31.59 million voting shares were represented at the meeting. The merger passed with 20.5 million votes in favor—roughly 93% approval. The transaction includes over $1 billion in combined proceeds, with $300 million in gross cash before expenses, according to Krypto News.
Shareholders Back XRP Treasury Public Listing
At the September 30 vote, shareholders overwhelmingly endorsed the merger. Of 21.9 million shares represented, 20.5 million voted yes, 1.36 million voted no, and 930 abstained. Yahoo Finance confirmed that all advanced and delayed funders committed to the deal, including Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR.
Evernorth CEO Outlines Public Market Strategy for XRP
Asheesh Birla, Evernorth's CEO, framed the listing as a bridge to retail investors. "Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Birla said. The company plans to actively manage its XRP holdings to increase the amount per share over time, distinguishing it from passive crypto ETFs.
Historic Scale: Largest Public XRP Treasury
Evernorth's projected 473 million XRP holdings dwarf other corporate treasuries. Crypto Politan noted the transaction values the combined entity above $1 billion, with private placements raising $225 million and cash financing adding roughly $300 million in gross proceeds. Ripple itself contributed approximately 126.8 million XRP—nearly 27% of the total.
Final Closing and Trading Begin Next Week
Pending satisfaction of remaining closing conditions, the business combination will finalize October 7. Trading on Nasdaq under XRPN is slated to open October 8, according to Article WN. The listing marks a landmark moment for institutional XRP exposure through traditional equity markets, bringing on-chain blockchain assets into regulated public trading venues.
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