Following a crucial earlier milestone, shareholders of Armada Acquisition Corp. II granted final approval for the planned merger with Evernorth during a meeting on September 30, 2026. The vote finalized the timeline to close the business combination on October 7, 2026, followed by the company’s first day of trading on the Nasdaq on October 8 under the ticker XRPN.
The Nasdaq listing immediately introduces a high-value XRP treasury into the U.S. traditional stock market ecosystem. Heading into the deal’s closing, Evernorth is projected to hold roughly 473 million XRP. Based on a token price of around $1.50 calculated by CoinGecko, the company’s total assets exceed $710 million - a scale that crowns Evernorth as the world’s largest pure-play public XRP treasury company.
The regulatory path to the stock exchange took six months. The company filed its Form S-4 registration statement in March 2026 and cleared the review process once the U.S. Securities and Exchange Commission (SEC) declared it effective in August.
Copying MicroStrategy’s Blueprint
Evernorth’s operational structure closely mirrors the playbook established in the Bitcoin ecosystem by Michael Saylor through MicroStrategy: building a public company designed entirely to accumulate a single cryptocurrency. To expand its XRP holdings per share over time, Evernorth plans to execute yield-generation strategies, actively engage in the XRP ecosystem, and drive capital markets activities.
“Going public will offer investors a regulated and transparent way to gain exposure to XRP,” said Evernorth CEO Asheesh Birla, summarizing the primary rationale behind the company’s public debut.
Financial backing comes from well-known heavyweights in the digital asset space. Prominent firms such as Ripple, Kraken, SBI Group, Pantera Capital, Arrington Capital, and GSR contributed capital as key investors in Evernorth.
Opening New Doors on Wall Street
The kickoff of XRPN trading on October 8 underscores an accelerating trend of digital asset firms entering major stock exchanges throughout 2026. The New York Stock Exchange (NYSE) previously welcomed the listing of Securitize in July, following CoinShares’ Nasdaq debut in April following a $1.2 billion merger.
For mainstream market participants, Evernorth’s arrival on Nasdaq provides a new testing ground. Whether a single-asset accumulation strategy can spark the same aggressive reception outside the realm of Bitcoin will begin to see its answer next week.
Reported via Decrypt.
Read also: How to Read Candlestick Charts for Beginners
Previously: Armada Shareholders Approve Evernorth Merger - Ticker XRPN Prepares to Hit Nasdaq with 473M XRP
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
