Evernorth shareholders vote Wednesday on Nasdaq merger for XRP treasury listing

• Armada II shareholders vote Wednesday (September 30) on the Evernorth merger required for the XRPN Nasdaq listing.
• Evernorth holds approximately 473 million XRP and aims to increase the XRP represented per share through yield and infrastructure strategies.
• A $30 million convertible note raise activates only after the merger closes, adding to more than $1 billion already secured from Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital.

• 473M XRP held by Evernorth, among the largest known corporate treasuries of the token
• $30M convertible note raise that only activates once the merger is approved
• $1B+ gross proceeds already raised from Ripple, SBI Holdings, Pantera, Kraken and Arrington Capital

Shareholders of Armada Acquisition Corp. II gather Wednesday (September 30) to vote on the business combination that would take Evernorth public on Nasdaq under the ticker XRPN. Approval clears the last shareholder hurdle standing between the XRP-focused treasury firm and a listing that has drawn attention from Ripple-aligned commentators, according to a report by CryptoPotato. A yes vote would make Evernorth the first publicly traded XRP holding company in the US, giving institutions equity exposure to a treasury built specifically around Ripple’s cross-border token.

Evernorth Holds 473 Million XRP, One of the Largest Corporate Stockpiles

Evernorth’s roughly 473 million XRP places it among the largest identifiable corporate holders of the token, a scale that distinguishes it from typical treasury vehicles tracking a single asset passively.

The company intends to actively deploy its holdings through yield strategies, infrastructure participation and capital-markets activity, with the stated goal of increasing the XRP represented by each share over time.

Commentator BankXRP recently described Evernorth as “one vote away” from bringing an XRP-focused treasury company to Nasdaq. The framing has circulated widely among Ripple-aligned traders watching the September 30 vote as the final procedural step before XRPN begins trading.

$30 Million Note Sale Only Activates Once the Merger Clears

Evernorth has agreed to raise an additional $30 million through 4% convertible senior PIK notes due in 2031, but the financing is contingent: it becomes available only once the Armada II combination is approved and finalized. The proceeds are earmarked for additional XRP purchases and other activity across the Ripple ecosystem.

That $30 million sits on top of more than $1 billion in gross proceeds Evernorth had already secured from investors including Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital, making the new note a small add-on rather than a core funding round. The structure ties fresh capital directly to Wednesday’s shareholder outcome, leaving no path to the funds without approval.

Vincent Van Code Frames XRPN as a Custody Shortcut for Institutions

Commentator Vincent Van Code argued in a post on X on September 25 that direct XRP ownership remains operationally difficult for larger institutions that must manage custody, compliance, audits, insurance and internal controls.

A few years back, SEC sued Ripple claiming XRP was a security. Today, @evernorthxrp is seeking approval for its public listing as the first XRP holding company. And people are still not bullish for crypto. It’s no wonder 90% of people live pay check to pay check.

Vincent Van Code, crypto commentator

Evernorth’s pitch is that a Nasdaq-listed vehicle sidesteps that overhead entirely.

The CCS read. A successful vote turns Evernorth into a proxy for XRP demand that Nasdaq market-makers and ETF-adjacent flows can price daily, something the token itself cannot offer without a spot fund. Watch whether Ripple’s other backers, SBI and Kraken among them, use XRPN as a template for listing similar single-asset treasury vehicles once this deal sets the precedent.

The outcome hinges entirely on Wednesday’s shareholder vote; if approved, Evernorth expects to close the combination and begin trading as XRPN shortly after, triggering both the $30 million note sale and the start of its active deployment strategy. Ripple-aligned investors are now watching whether the vote passes cleanly or draws last-minute opposition before shares change hands.