Evernorth to Go Public with XRP Treasury Merger Approval

Evernorth, a treasury company focused on XRP, has received shareholder approval for its merger with Armada Acquisition Corp. II, paving the way for a Nasdaq listing next week. The merger was approved during a meeting on Sept. 30, with the deal expected to close on Oct. 7. Evernorth's Class A common stock will begin trading on Oct. 8 under the ticker "XRPN." The merger and fundraising efforts have raised over 1 billion dollars, with approximately 300 million dollars in gross cash proceeds anticipated, including 225 million dollars from private placements and 30 million dollars from convertible note financing. At closing, Evernorth expects to hold about 473 million XRP, positioning it as the largest publicly traded pure-play XRP treasury company. All committed funders are participating in the venture. Evernorth aims to provide investors with a regulated way to gain XRP exposure and benefit from blockchain growth. The company is supported by notable crypto firms, including Ripple and Pantera Capital. The listing aligns with the trend of public companies accumulating single crypto assets, a strategy popularized by Michael Saylor with Bitcoin. Evernorth plans to enhance its XRP per share through yield strategies and capital-market activities, though its performance will be closely tied to XRP's price fluctuations.

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