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TL;DR
- Armada Acquisition Corp. II shareholders approved the business combination with Evernorth on September 30.
- The transaction is expected to raise about $300 million in gross cash proceeds, with Evernorth expecting to hold roughly 473 million XRP at closing.
- Closing is targeted for October 7, with Nasdaq trading under XRPN expected to begin October 8.
Evernorth has cleared one of the final corporate hurdles before becoming a publicly traded XRP treasury company.
Armada Acquisition Corp. II shareholders approved the business combination with Evernorth at an extraordinary general meeting on September 30, according to an October 1 company announcement. The parties expect the transaction to close on October 7, with the combined company scheduled to begin trading on Nasdaq under the ticker XRPN on October 8 if the remaining closing conditions are satisfied.
The vote moves Evernorth from an announced crypto-treasury strategy toward an operating public-market structure.
A large XRP balance is central to the model
Evernorth says the transaction and related private placements have raised more than $1 billion when cash and contributed XRP are considered together. The merger itself is expected to generate approximately $300 million in gross cash proceeds.
At closing, the company expects to hold roughly 473 million XRP and describes itself as a pure-play XRP treasury business.
The model is more active than simply putting tokens on a balance sheet. Evernorth has previously said it intends to use XRP across institutional lending, liquidity provision and other XRP Ledger activity. NewsBTC has already covered the company’s argument that XRP is moving into real banking and financial activity.
That creates a different risk profile from a traditional operating company. Shareholders are not only buying exposure to management and corporate execution; they are also buying into a balance sheet whose value is heavily connected to one digital asset.
Public crypto treasuries keep widening beyond Bitcoin
Bitcoin remains the template for corporate crypto treasury strategies, but XRP, Ethereum and other assets are increasingly appearing in public-company structures.
That trend is running alongside a broader institutionalisation of crypto markets. Regulated products, OTC desks and tokenised securities are giving professional investors more ways to take exposure without using the same infrastructure as retail traders. NewsBTC has also tracked how institutional OTC activity is becoming a larger share of crypto flow and how regulators are trying to define new custody routes for advisers and funds.
Evernorth sits directly inside that shift.
October 8 is the next date to watch
The shareholder approval does not mean XRPN is already trading. The combination is expected to close October 7, and Nasdaq trading is expected to begin the following day.
Until that happens, the important event is procedural rather than market-driven: shareholders have approved the deal, financing remains in place, and Evernorth now has a defined path to becoming a listed XRP treasury vehicle.
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This article was written by the News Desk and edited by Samuel Rae.
