Evernorth XRP Treasury Faces Nasdaq Listing Vote Today
Shareholders vote on 30 September on Evernorth's merger with Armada II. It holds about 473 million XRP and plans to list as XRPN. What it means for XRP.
Evernorth, a company built to hold and grow a large pile of XRP, is one vote away from listing on Nasdaq. Shareholders of Armada Acquisition Corp. II, a listed blank-cheque company, vote today, Wednesday, 30 September 2026, on merging with Evernorth. If they approve and the remaining conditions are met, the combined company is expected to trade as XRPN. Evernorth holds about 473 million XRP, worth roughly $710 million at about $1.50 per coin.
Key takeaways
- The US SEC declared Evernorth's merger registration (Form S-4) effective in late August, clearing the way for today's vote by Armada II shareholders of record on 20 August.
- Evernorth's backers include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital. Its chief executive is Asheesh Birla.
- Unlike a passive holder, Evernorth plans to lend and deploy its XRP for yield and aims to raise the amount of XRP behind each share over time.
- The deal is expected to close in late Q3 or early Q4 2026, subject to closing conditions.
- A listing would give stock-market investors a new way to hold XRP, but much of the treasury came from insiders rather than fresh buying.
What Evernorth is
Evernorth is a "digital asset treasury" company, the XRP version of Strategy's Bitcoin model. It raises money from investors and uses it to hold XRP. Its founder and chief executive, Asheesh Birla, says the aim is an actively managed XRP treasury with the transparency and governance that listed companies must provide.
Of its roughly 473 million XRP, about 84 million were bought on the open market at an average near $2.53, costing about $214 million. Much of the rest was contributed by backers, including about 211 million XRP from Arrington Capital and 127 million from Ripple. At today's price near $1.50, the open-market purchases are well under water.
What happens after the vote
If Armada II shareholders approve, the two companies combine and the new company lists on Nasdaq once exchange listing conditions are satisfied. Armada held about $242 million in its trust account as of 20 August. How much of that stays in depends on how many Armada shareholders choose to redeem their shares for cash instead of taking part in the merger, which is common in these deals and will only be known after the vote.
Evernorth then plans to put its XRP to work: lending it out, supporting projects on the XRP Ledger and using capital markets to buy more. The aim is to grow the XRP held per share, the same measure Strategy uses for Bitcoin.
What it could mean for XRP
A listed XRP company gives funds and retail investors who can only buy shares a new route to XRP exposure, alongside the US spot XRP ETFs that have drawn steady inflows (our report on XRP ETF flows). But the direct buying power is small. Even the full $242 million in Armada's trust would be about 0.26% of XRP's circulating supply of roughly 63 billion coins, and most of Evernorth's XRP is already held rather than waiting to be bought.
There are risks too. Treasury company shares often trade above or below the value of the coins they hold, and many have traded below it at times. Lending XRP out adds counterparty risk. And if the shares trade at a discount, the company may find it hard to raise money to buy more.
For Indian investors
- XRPN would be a US-listed share. Indians can buy US stocks under the RBI's Liberalised Remittance Scheme through platforms that offer US investing, and the tax rules differ from crypto. The Bitcoin ETF from India guide explains the LRS route and tax, which work the same way.
- Buying XRP directly on an Indian exchange is simpler for most people. See how to buy XRP in India and the live XRP price in INR (₹143.97 now).
- New to the coin? Read what XRP is before you buy.
FAQ
When is the Evernorth vote?
Armada Acquisition Corp. II shareholders of record on 20 August 2026 vote on the merger at a special meeting on 30 September 2026.
What will Evernorth's ticker be?
XRPN on Nasdaq, if the merger is approved and closes and listing conditions are met.
How much XRP does Evernorth hold?
About 473 million XRP, worth roughly $710 million at about $1.50 per XRP on 30 September 2026.
Is Evernorth owned by Ripple?
No. Ripple is one of several backers and contributed about 127 million XRP, but Evernorth is a separate company led by Asheesh Birla.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
