Evernorth begins Nasdaq trading with 473 million XRP in corporate treasury

• Evernorth holds approximately 473 million XRP and about $300 million in gross cash proceeds at closing.
• Armada shareholders approved the merger by a vote of roughly 20.5 million shares in favor to 1.4 million against.
• Trading starts Monday, October 12, 2026 on Nasdaq; Evernorth plans a closing bell ceremony on Wednesday, October 14.

• 473M XRP held by Evernorth, among the largest corporate XRP treasuries
• $300M gross cash raised at closing, part of over $1B total financing
• 20.5M-1.4M Armada shareholder vote margin approving the business combination

Evernorth Holdings said in a press release that it has finished its business combination with Armada Acquisition Corp. II, a special purpose acquisition company, or SPAC, a shell entity that lists on an exchange and then merges with a private operating company to take it public. The completed deal clears the final hurdle before Evernorth’s stock begins trading on Nasdaq.

The company’s own numbers put it in rare company among crypto treasury vehicles. Evernorth’s 473 million XRP and roughly $300 million in gross cash sit alongside more than $1 billion raised in total across the transaction and related private placements, according to the company.

Evernorth’s Nasdaq Debut Slips From October 8 to October 12

Evernorth had earlier targeted an October 7 close with trading to follow the next day. The actual timeline pushed the Nasdaq listing to Monday, October 12, four days later than originally planned, with the company’s closing bell event now set for Wednesday, October 14.

CEO Asheesh Birla framed the delay as a function of finishing the deal properly rather than a setback. CEO Asheesh Birla said the company intends to deploy capital throughout the XRP economy while pursuing strategies designed to increase XRP per share over time.

Arrington, SBI, Ripple, Pantera, Kraken and GSR Backed the Raise

Evernorth’s capital base includes Arrington Capital, SBI Group, Ripple itself, Panter Capital and GSR, according to the press release. The shareholder vote that cleared the merger, a tally of roughly 20.5 million Armada shares in favor against 1.4 million opposed, was previously reported by CryptoPotato, which also tracked the company’s claim of more than $1 billion raised through the transaction and its associated private placements.

Our conviction in XRP has always been rooted in the belief that the ecosystem would continue to mature, attracting serious builders and capital. Our support for Evernorth is a natural extension of that thesis. It brings scaled capital, active participation and the standards of a public company, playing a critical role in the institutional development of this infrastructure.

Michael Arrington, founder, Arrington Capital

Evernorth Says It Will Run XRP Through Yield and Credit Strategies, Not Just Hold It

The structural question for investors is what separates Evernorth from a fund that simply tracks the XRP price. The company says it plans to pursue institutional and DeFi yield strategies, ecosystem infrastructure investments, and on-chain credit market activity, an approach that puts it in territory other crypto-native lenders are also chasing, such as the tokenized stock lending that Aave’s Stani Kulechov has argued could eventually overtake crypto-collateralized loans.

Evernorth has set no public ceiling on its XRP holdings and instead frames growth in “XRP per share” as its core metric, a figure the company has not yet defined with a specific formula or disclosure schedule. The settlement rails Evernorth says it wants to plug into echo infrastructure like the Solana Foundation’s institutional escrow program, part of a broader push across chains to build settlement tools regulated entities can use.

The CCS read. A Nasdaq listing with public reporting obligations puts Evernorth’s actual yield mechanics on a disclosure clock most private crypto treasuries never face. Investors buying XRPN are not just betting on XRP’s price; they are betting Birla’s team can generate per-share growth through credit and infrastructure deals that still carry no defined track record or risk framework in public filings.

Evernorth has not yet detailed the specific instruments or counterparties behind its planned DeFi yield and on-chain credit strategies, a gap investors will be watching to see closed in disclosures around the October 14 closing bell ceremony.