Shareholders of Armada Acquisition Corp. II are scheduled to cast their votes on September 30 regarding the proposed merger, which could see Evernorth become the next cryptocurrency company to enter the public market.
If approved, this decision would eliminate the last significant barrier preventing the $XRP-focused treasury firm from trading publicly under the XRPN ticker symbol.
What Distinguishes XRPN?
$XRP-centric treasury firm on Nasdaq. This is a significant point, as Evernorth is intended to operate differently from a conventional passive $XRP investment fund.
Rather than being a passive vehicle, Evernorth plans to actively utilize and distribute the cross-border token within the ecosystem through various strategies such as yield generation, infrastructure investment, and capital-market initiatives, with the goal of increasing the number of coins associated with each share over time.
Evernorth currently possesses about 473 million $XRP, positioning it as one of the largest corporate holders of this asset. Should the merger finalize, investors would gain access to this treasury via a publicly traded US equity, eliminating the need for them to buy, store, and manage the token independently.
Vincent Van Code, another prominent voice in the $XRP community, noted that handling direct crypto ownership is often challenging for larger institutions due to custody, compliance, audits, insurance, and internal controls. Evernorth presents a more straightforward option for investors seeking exposure to $XRP without the burden of building their own infrastructure.
A few years ago, the SEC took legal action against Ripple, claiming that $XRP was a security.
Today, @evernorthxrp aims to secure approval for its public listing as the first holding company for $XRP.
Yet, many remain skeptical about crypto. It’s no surprise that 90% of people live paycheck to paycheck. https://t.co/JV60J95yby
— Vincent Van Code (@vincent_vancode) September 25, 2026
$30 Million Opportunity
CryptoPotato recently reported that Evernorth has committed to raising an additional $30 million through 4% convertible senior PIK notes that mature in 2031. However, this funding will only be accessible once the business combination with Armada II is approved and finalized.
The funds could potentially be used for further $XRP acquisitions and other activities within the larger Ripple ecosystem. This $30 million comes in addition to over $1 billion in gross proceeds previously secured from a variety of investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.