XRP Is Coming to Nasdaq: Evernorth Clears Key Vote With 473M Treasury
Evernorth’s merger with Armada Acquisition Corp. II won shareholder approval on Wednesday, putting its 473 million XRP treasury on course for a Nasdaq listing.
The vote passed with about 20.5 million shares in favor and 1.4 million against, according to Armada II’s filing on Thursday. It came five weeks after the SEC declared Evernorth’s registration statement effective on August 27.
Evernorth expects the deal to close on October 7. The company’s shares should start trading the next day under XRPN, the ticker the SPAC already uses.
Over $1 Billion Raised
The firm said the deal and its private placements have raised more than $1 billion, the total it first put on the merger in October 2025. Investors contributed part of that total as XRP, which the release does not value in dollars.
Evernorth’s release puts about $300 million of the total in gross cash. Private placements supply $225 million of that cash. Another $30 million comes from convertible notes the company agreed to sell in September.
Advance funding investors provided $214 million of the private placement money, according to the proxy statement. Evernorth spent it in late 2025 on 84.4 million XRP, at an average of $2.54 per token. Those tokens are already part of its holdings.
The SPAC’s trust adds about $48 million of cash. That trust held about $241.9 million on the August 20 record date. Public shareholders could redeem their shares from the trust at an estimated $10.52 each until September 28. Neither Thursday’s release nor the vote filing says how many shareholders did.
RippleWorks supplied the largest block of Evernorth’s XRP, 211.3 million tokens, by investing them in the SPAC’s sponsor, Arrington XRP Capital Fund. The sponsor must exchange those tokens for Evernorth shares at closing. It has agreed to vote the shares as RippleWorks directs. Ripple co-founder and Executive Chairman Chris Larsen co-founded RippleWorks and sits on its board.
Ripple itself contributed 126.8 million XRP when the merger agreement was signed. A further 50 million comes from the Larsen Lam Children’s Remainder Trust.
Books Carry XRP Below Cost
Evernorth Holdings’ financial statements in the proxy put the cost of 346.3 million of its XRP at $846.6 million. By June 30, 2026, the company carried those tokens at $348.8 million. It recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026.
Evernorth books XRP at cost and writes it down to the lowest intraday price seen since it acquired each lot. The written-down value is not adjusted upward when the price recovers.