# Evernorth Advances $1 Billion XRP Treasury Plan Toward Nasdaq Listing

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/25813
Published: 2026-09-30T13:30:47.000Z
Updated: 2026-09-30T13:30:47.000Z
Section: Business

> Armada shareholders are scheduled to vote Sept. 30 on the proposed merger, which would create a public company trading under XRPN if completed.

Evernorth is taking its proposed $1 billion XRP treasury strategy to a Sept. 30 shareholder vote, a step toward bringing an actively managed digital-asset company to Nasdaq under the ticker XRPN.

The merger with Armada Acquisition Corp. II is expected to raise more than $1 billion in gross proceeds, including a $200 million commitment from SBI and investments from Ripple, Rippleworks, Pantera Capital, Kraken and GSR. The transaction remains subject to shareholder approval and other closing conditions.

At closing, Evernorth expects to hold at least 473,276,430 XRP. The planned treasury includes 126,791,458 XRP contributed by Ripple and 84,365,876.3625 XRP purchased with $214 million in cash proceeds.

Evernorth plans to use the capital for XRP-related infrastructure, institutional lending, liquidity provision, yield strategies and other activities in the XRP ecosystem. The Securities and Exchange Commission declared the company’s Form S-4 effective Aug. 27.

The proposed listing would expand public-market access to an actively managed XRP treasury model. Evernorth expects the merger to close in late third quarter or early fourth quarter of 2026 if approval and the remaining conditions are satisfied.