Evernorth, a treasury company centered on XRP, has cleared the final major step before going public. The company said Wednesday that shareholders of Armada Acquisition Corp. II, the special purpose acquisition company merging with Evernorth, approved the business combination at a Sept. 30 meeting.
The transaction is expected to close on Oct. 7. Evernorth’s Class A common stock is then set to begin trading on Nasdaq on Oct. 8 under the ticker XRPN.
Deal structure and expected proceeds
According to the company, the merger and related fundraising have drawn in more than $1 billion. The transaction is expected to generate about $300 million in gross cash proceeds before expenses, made up of $225 million from private placements, $30 million in convertible note financing, and about $48 million in trust proceeds.
Investors also contributed XRP directly. At closing, Evernorth expects to hold about 473 million XRP, which it says would make it the largest publicly traded pure-play XRP treasury company. The firm also said 100% of its committed funders are participating in the deal.
Backers, SEC review, and listing plan
“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” Evernorth founder and CEO Asheesh Birla said.
The company is backed by Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital.
When Evernorth first outlined its public-market plan, it was tied to an XRP stash valued at about $685 million. The company described that effort as part of a Ripple-backed push to raise $1 billion to accumulate the token. Its registration statement became effective in late August, clearing U.S. Securities and Exchange Commission review.
XRP joins the digital-asset treasury wave
The listing would add XRP to the expanding digital-asset treasury trade, where public companies raise capital to accumulate a single crypto asset and link their share performance to that holding. The model was pioneered with Bitcoin by Michael Saylor’s Strategy.
Evernorth said it intends to grow its XRP per share over time through yield strategies, ecosystem participation, and capital-markets activity.
The structure also carries a familiar risk for this category: the company’s performance will track XRP’s price, which can move sharply in either direction.