The 'Largest Pure-Play' XRP Treasury Is About to Go Public
Evernorth, an XRP-focused treasury company, has secured shareholder approval for its merger with Armada Acquisition Corp. II, clearing the way for a Nasdaq listing. The deal is expected to close on Oct. 7, with trading set to begin Oct. 8 under ticker XRPN. The transaction and fundraising have brought in more than $1 billion, including private placements, convertible note financing, and trust proceeds. 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. Backers include Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. Evernorth aims to offer regulated XRP exposure and plans to increase XRP per share through yield strategies, ecosystem participation, and capital-markets activity, though its value will remain highly tied to XRP’s volatile price.
