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Armada Acquisition Corp. II shareholders approved its business combination with Evernorth, clearing a key step toward a Nasdaq listing for the XRP treasury company. The $1 billion SPAC deal is expected to generate about $300 million in gross cash proceeds. With investors also contributing XRP in kind, Evernorth expects to hold roughly 473 million XRP at closing. The deal is expected to close Oct. 7, with the combined company set to trade as XRPN from Oct. 8.
Why it matters
Evernorth would give public-market investors a regulated route to XRP exposure alongside spot XRP ETFs, but through a company holding XRP on its balance sheet rather than an ETF. CEO Asheesh Birla described the planned listing as a transparent way for investors to gain XRP exposure and participate in the blockchain economy.
The deal has backing from investors including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Evernorth first filed its S-4 registration for the transaction in March. The shareholder vote moves the proposed listing closer to completion, though closing remains pending.
Market impact
Evernorth currently holds about 347 million XRP, worth roughly $512 million at the price cited in the seed. Expected in-kind contributions would bring its holdings to roughly 473 million XRP at closing, making the final treasury size a key figure for investors assessing XRPN.
XRP traded around $1.48 at publication time, with a market capitalization above $93 billion, after finishing the third quarter more than 40% higher. The next milestones are the expected Oct. 7 closing and the planned Oct. 8 start of XRPN trading.
Frequently asked questions
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How much cash is Evernorth's transaction expected to generate?
The business combination is expected to generate about $300 million in gross cash proceeds. The $1 billion figure describes the SPAC deal, not the expected cash proceeds.
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How much XRP does Evernorth expect to hold at closing?
Evernorth expects to hold roughly 473 million XRP after investors make in-kind contributions. It currently holds approximately 347 million XRP.
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How would XRPN differ from a spot XRP ETF?
XRPN would be the ticker of a Nasdaq-listed company that holds XRP on its balance sheet. Spot XRP ETFs offer a separate regulated route to exposure.
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When are the Evernorth deal and Nasdaq debut expected?
The transaction is expected to close Oct. 7. The combined company is set to begin trading on Nasdaq under XRPN on Oct. 8.
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Which investors are backing Evernorth?
Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
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