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Evernorth clears shareholder vote ahead of Nasdaq debut with 473M XRP treasury
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Evernorth is poised to become a publicly traded XRP treasury company after shareholders of blank-check firm Armada Acquisition Corp. II approved a proposed business combination, clearing a key hurdle ahead of the company's planned Nasdaq debut. The deal is expected to close on Oct. 7, with shares of the combined company beginning trading on Nasdaq under the ticker XRPN the following day, subject to remaining closing conditions.
The shareholder vote represents a significant milestone in a lengthy approval process. Evernorth filed its Form S-4 registration statement with the U.S. Securities and Exchange Commission in March, and the statement was declared effective in August, leaving shareholder approval as one of the final steps before the Nasdaq listing could proceed.
At closing, Evernorth expects to hold approximately 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury company. With XRP trading at about $1.50 at the time of publication, according to CoinGecko data, the treasury is valued at roughly $710 million, underscoring the scale of the company's digital asset holdings.
The transaction is expected to raise about $300 million in gross cash proceeds, according to Thursday's announcement. That total includes $225 million from related private placements, $30 million in convertible note financing, and roughly $48 million from Armada II's trust. Investors have also contributed XRP directly to the transaction.
Evernorth's investor roster includes prominent names in the crypto and finance sectors, such as Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company plans to grow its XRP holdings per share through yield strategies, active participation in the XRP ecosystem, and various capital markets activities, signaling an ambitious long-term growth strategy.
The planned Nasdaq debut comes amid a mixed landscape for crypto treasury companies pursuing SPAC mergers. Tokenization firm Securitize began trading on the New York Stock Exchange in July after merging with Cantor Equity Partners II, while CoinShares debuted on Nasdaq in April following a $1.2 billion merger with Vine Hill Capital Investment Corp.
Not all crypto SPAC deals have fared well this year, however. Ether Machine scrapped its planned merger with Dynamix in April, citing unfavorable market conditions and ending plans to launch a $1.5 billion yield-bearing Ether fund. Similarly, Adam Back's Bitcoin Standard Treasury Company and Cantor Equity Partners I scrapped their original merger terms in July, postponing a shareholder vote indefinitely while negotiating terms that would "better reflect market conditions."
Evernorth's successful shareholder approval and upcoming listing will be closely watched as a barometer of investor appetite for digital asset treasury companies in public markets, particularly given the volatile conditions facing the broader crypto sector.
