Armada Acquisition shareholders approve Evernorth Nasdaq listing

Armada Acquisition Corp. II shareholders have approved the company’s proposed merger with Evernorth, clearing the corporate vote required for an XRP-focused treasury company to pursue a Nasdaq listing under the ticker XRPN. The companies are targeting an Oct. 7 closing, followed by the start of Nasdaq trading on Oct. 8.

The transaction would provide Evernorth with about $300 million in gross cash proceeds and, through separate in-kind XRP contributions, roughly 473 million XRP at closing, according to the companies’ transaction materials. That structure would give the listed company a large token reserve from its first day of trading rather than requiring it to build a position gradually in the public market.

Evernorth already holds about 347 million XRP, valued at roughly $512 million at prevailing prices, according to BitcoinTreasuries data. Using the reported XRP price of about $1.48, the planned 473 million XRP reserve would be worth around $700 million to $705 million before accounting for the expected cash proceeds.

The shareholder vote moves Evernorth toward becoming a publicly traded company whose balance sheet is closely tied to XRP’s price, liquidity and potential use within the XRP Ledger ecosystem. Public shareholders would gain exposure through listed equity rather than holding tokens directly, though the stock’s performance could diverge sharply from XRP itself depending on dilution, operating costs, debt, cash deployment and the market’s valuation of the company’s strategy.

a public XRP treasury model

Evernorth filed an S-4 registration statement in March for a $1 billion business combination with Armada Acquisition Corp. II. The U.S. Securities and Exchange Commission declared the registration effective in August, allowing the companies to proceed toward the shareholder vote and planned closing.

The proposed Nasdaq listing places Evernorth among a growing group of digital-asset treasury companies using public-market structures to hold large cryptocurrency positions. Such companies can trade at a premium or discount to the value of the crypto assets they own, much like closed-end funds or commodity-linked holding companies.

That gap may become a central measure for XRPN once trading begins. A premium would imply that public shareholders place value on Evernorth’s access to capital, management strategy or XRP Ledger-focused activities beyond the tokens on its balance sheet. A discount could emerge if the market views direct XRP ownership, or regulated XRP exchange-traded products where available, as a cheaper or simpler route to exposure.

The planned reserve has also changed in dollar terms since the deal was signed. The approximately $705 million current value cited for the XRP holdings is about 37% below the $1.1 billion valuation attached to the reserve during the October 2025 signing, reflecting XRP’s price movements. The number of tokens is more stable than their dollar value, leaving the company’s balance sheet particularly sensitive to market swings.

lending proposal adds an operating question

Evernorth has presented itself as more than a passive holder of XRP. Around the time its registration became effective, Sagar Shah, Evernorth’s chief business officer, referred to a proposal for native lending functionality on the XRP Ledger designed to reduce smart-contract risks.

That proposal gives the company a potential operating narrative beyond treasury management, but it also creates a more demanding test for shareholders. Holding XRP is straightforward to value because it can be compared with a known token balance and market price. Lending programs, network initiatives or other capital deployments introduce questions about credit risk, returns, execution and whether those activities add value per share.

Native lending generally refers to lending tools built directly into a blockchain’s core protocol rather than through independent smart contracts. Proponents argue that integrating functions at the ledger level can reduce some attack surfaces and fragmentation, though the practical outcome would depend on technical design, adoption and network governance.

Evernorth’s listed backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Their participation links the deal to firms active across digital-asset venture capital, market making, trading infrastructure and the XRP ecosystem, while the public company will ultimately be judged on the assets and strategy disclosed after closing.

xrp market conditions frame the listing

XRP was trading near $1.48 when the transaction update was published, placing its market capitalization above $93 billion. The token ended the third quarter more than 40% higher, a rally that increased the dollar value of Evernorth’s planned reserve while also raising the risk that its opening valuation will be shaped by short-term price volatility.

The supplied market analysis identified support near $1.49 to $1.51 and resistance around $1.55, with a move above that level potentially reopening attention toward the reported yearly high near $1.62. A close below the support range could bring the 200-day moving average near $1.37 into focus.

Those chart levels may influence short-term token trading, but XRPN’s longer-term valuation would depend on a separate set of factors. The company will need to disclose how many shares are outstanding, whether it raises additional capital, how it manages its XRP reserve, and whether its activities generate returns that exceed the costs of operating a public company.

XRP holders also faced an Oct. 5 software upgrade and the release of 1 billion XRP from the network’s regular escrow schedule on Oct. 1. Escrow releases do not automatically translate into immediate market sales, but they remain relevant to traders monitoring potential supply conditions around Evernorth’s targeted market debut.

With the shareholder vote completed, the remaining near-term milestone is the expected Oct. 7 closing. If completed on schedule, XRPN would give public-market participants a new vehicle whose share price can be measured against a clearly identifiable XRP reserve from the opening session.