TLDR
- Armada Acquisition Corp. II shareholders approved the Evernorth merger on Oct. 1.
- Evernorth will hold roughly 473 million XRP once the deal closes.
- Trading on Nasdaq under ticker XRPN is set to begin Oct. 8.
- The deal raises about $300 million in gross cash proceeds.
- XRP trades near $1.50, holding above key moving averages.
Evernorth has cleared a major step toward becoming a publicly traded XRP treasury company. Shareholders of Armada Acquisition Corp. II approved the business combination on Thursday.
LATEST: 💰 XRP treasury firm Evernorth won shareholder approval for its $1B merger with Armada II, clearing the path to debut on Nasdaq as XRPN on Oct. 8. pic.twitter.com/JYFj1RzCft
— CoinMarketCap (@CoinMarketCap) October 2, 2026
The merger is expected to close on Oct. 7. Shares of the combined company will begin trading on Nasdaq under the ticker XRPN the next day.
This vote follows Evernorth’s Form S-4 filing with the SEC back in March. That registration statement became effective in August.
Once the deal closes, Evernorth expects to hold about 473 million XRP. At current prices, that treasury is worth roughly $710 million.
Evernorth says this will make it the largest publicly traded pure-play XRP treasury company.
How The Deal Is Funded
The transaction is expected to raise about $300 million in gross cash proceeds. That includes $225 million from private placements and $30 million in convertible note financing.
Another $48 million comes from Armada II’s trust. Investors have also contributed XRP directly to the deal.
Evernorth’s backers include Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital and GSR. The company plans to grow its XRP holdings per share through yield strategies and capital markets activity.
Evernorth CEO Asheesh Birla commented on the approval. “Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” he said.
Ahead of the closing contributions, Evernorth currently holds about 347 million XRP. That is worth close to $512 million at today’s prices.
Other Crypto SPACs Have Struggled
Evernorth is not the only crypto firm pursuing a SPAC route to public markets this year. Results have varied.
Securitize began trading on the NYSE in July after merging with Cantor Equity Partners II. CoinShares debuted on Nasdaq in April through a $1.2 billion merger.
Other deals have faced setbacks. Ether Machine scrapped its planned merger with Dynamix in April, citing unfavorable market conditions.
Adam Back’s Bitcoin Standard Treasury Company also postponed its shareholder vote in July while renegotiating terms.
Turning to price action, XRP trades at $1.50 and holds above its 50-day EMA at $1.381 and 200-day EMA at $1.376. The RSI sits near 57, pointing to steady but not overheated momentum.
Analyst Chadsartin posted on X that XRP is nearing a decision point. “$XRP IS RUNNING OUT OF ROOM!!! The 1H chart is squeezing tighter as XRP approaches the tip of the triangle. THE DECISION POINT IS HERE,” the analyst wrote, pointing to a tightening price pattern on short-term charts.
$XRP IS RUNNING OUT OF ROOM!!!
The 1H chart is squeezing tighter as XRP approaches the tip of the triangle.
THE DECISION POINT IS HERE. 💥📈 pic.twitter.com/pp29FV7zPj
— Chadsartin.com (@Chadsartin_Llc1) October 1, 2026
Resistance for XRP sits at $1.671, with a stronger barrier near $1.900. Support comes from the EMA cluster near $1.38, with a deeper floor around $1.300.
XRP finished the third quarter more than 40% higher. The token currently holds a market capitalization above $93 billion.
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