Evernorth’s Nasdaq XRP treasury is approved, but its real buying power isn’t the $300 million expected
Evernorth shareholders approved its merger with Armada Acquisition Corp. II, with closing expected October 7 and Nasdaq trading under XRPN expected the next day, subject to remaining conditions. The company’s roughly $300 million headline funding includes about $214 million already used to buy XRP in 2025. Delayed subscriptions, conditional convertible notes and estimated trust proceeds could provide about $88.5 million in gross closing-linked cash if they settle, before expenses and other uses; the final amount available for XRP purchases is unknown. Evernorth expects to hold roughly 473 million XRP at closing, but that total includes prior purchases and in-kind contributions, not necessarily new market buying. Actual cash settlement, expenses, allocations and purchase disclosures will be needed to establish fresh XRP demand.
