- Evernorth shareholders approved its merger with Armada Acquisition Corp. II, and the XRP treasury company expects to begin trading on Nasdaq under XRPN on October 8 after raising more than $1 billion.
- It offers investors a third way into XRP alongside direct ownership and spot ETFs, and its plan to actively manage the treasury makes it a test case for whether the mostly-Bitcoin treasury model can expand to other tokens.
- The structure carries real risks including dilution, premium compression, and tighter financing if XRP prices fall.
Evernorth is about to make its debut on Nasdaq following the approval of the merger by the shareholders of the Armada Acquisition Corp. II company on September 30.
According to an announcement made on October 1, the merger and the attached private placements were able to generate more than $1 billion, with the closure of the transaction happening on October 7, after which the shares will start trading under the XRPN ticker symbol starting October 8.
For investors, XRPN provides an additional regulated path to gain exposure to XRP other than direct ownership and spot ETFs. Moreover, it opens up the market to see if the digital asset treasury model dominated by Bitcoin can be successfully applied to another important token.
A SPAC merger clears its last big vote
Under the deal, Evernorth will merge with Armada II, a special acquisition company (SPAC) backed by Arrington XRP Capital Fund. On October 19, 2025, the parties signed a business combination deal, which includes Ripple Labs under the agreement. According to the SEC filing, Evernorth received a green light from the SEC regarding its Form S-4, which allows Armada II to send necessary merger documents to the concerned parties and put the deal to a vote.
Evernorth also lists Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among its investors. It expects to hold about 473 million XRP when the deal closes.
An actively managed treasury, not a passive wrapper
According to Evernorth, it seeks to do more than just keep its XRP on its balance sheet. Its strategy includes earning yield, taking part in the XRP ecosystem and using capital-markets opportunities to increase XRP per share. CEO Asheesh Birla has called it an “actively managed XRP treasury with the transparency and governance public markets demand,” according to the SEC disclosure
This is important because a healthy stock price can allow Evernorth to have an opportunity to obtain additional funding and buy more XRP.
Spot ETFs have already been used by institutions. Ripple has noted that about $1 billion in cumulative inflows had been collected by US XRP ETFs by December 16, 2025, and $1.5 billion by early March 2026. Goldman Sachs has disclosed about $153.8 million across four products, according to Ripple’s analysis.
Breaking a model still dominated by Bitcoin
Bitcoin continues to be the main focus in treasury trading. According to The Block’s treasury tracker, a total of 119 public firms possess over $134.7 billion worth of cryptocurrencies in net asset value. Out of this total, Bitcoin holds the largest stake of 80.3%, which translates to roughly $108.1 billion.
According to CoinShares, higher token prices have once again made fundraising channels accessible in September. As a result, Strategy managed to go back to buying additional tokens (4,603 BTC for approximately $369.7 million).
Why the flywheel can spin in reverse
That same model becomes less forgiving when crypto prices fall. Lower token prices can squeeze valuations, erase premiums, and make financing more expensive. A study of Bitcoin treasury firms found strong Bitcoin exposure but no statistically significant abnormal returns after standard risk adjustments.
As Cryptopolitan noted, reflexivity “cuts both ways.” Evernorth will enter the market carrying XRP volatility alongside ordinary public-company risks. The real test is whether active management can create lasting value rather than simply magnify the swings.
If you're reading this, you’re already ahead. Stay there with our newsletter.
FAQs
When will Evernorth start trading on Nasdaq and under what ticker?
Nasdaq trading under the ticker "XRPN" is expected to begin on October 8, 2026, after shareholders approved the business combination, according to the October 1 statement on PR Newswire.
How is Evernorth different from a spot XRP ETF?
Unlike the first generation of treasury companies and passive ETFs that mainly buy and hold tokens, Evernorth says it will actively manage its XRP treasury and pursue per-share XRP growth through yield strategies, ecosystem participation, and capital-markets activity, per its securities filing.
Who is backing Evernorth?
Evernorth's filing lists Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken, and GSR among its investors, and the SPAC it merged with, Armada Acquisition Corp. II, is sponsored by Arrington XRP Capital Fund.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Ibiam Wayas
Ibiam Wayas has covered the crypto news beat since 2019. He studied Computer Science at National Open University of Nigeria. His work has appeared on various crypto news platforms, including Coinfomania, Crypto News Australia, and AltcoinBuzz. Drawing on his background in Computer Science, he now focuses on crypto, robotics, and longevity news.
