Shareholders of Armada Acquisition Corp. II have approved the merger with Evernorth, removing the final regulatory hurdle for the special purpose acquisition company combination and setting the stage for a Nasdaq listing backed by one of the largest corporate cryptocurrency treasuries in the sector.
The vote clears Evernorth to begin trading on the Nasdaq under the ticker symbol XRPN, with the company expecting its market debut on October 8 according to Decrypt. The transaction will mark a rare instance of a crypto-focused firm reaching public markets through the SPAC route, which saw diminished activity across the broader financial sector following the 2021 boom.
At the center of the listing is Evernorth's cryptocurrency treasury, which consists of approximately 473 million XRP tokens. At prevailing market rates, that position carries a valuation of roughly $710 million, according to Cointelegraph. The scale of the holding has positioned Evernorth as what supporters characterize as the largest pure-play XRP treasury vehicle available to public market investors.
The Ripple-backed firm's structure represents a distinct approach to crypto corporate treasury management, eschewing the more common Bitcoin-centric strategies employed by companies such as MicroStrategy in favor of concentration in the XRP ecosystem. The choice reflects the company's origins and strategic relationships within the Ripple network, though it also introduces concentration risk tied to the price performance of a single digital asset.
The SPAC merger had faced the typical uncertainty associated with shareholder votes, which require approval from both the blank-check vehicle's investors and regulatory clearance. With the shareholder approval now secured, Evernorth can proceed with the technical steps required to complete the business combination and effect the ticker change from Armada's existing symbol.
The listing arrives during a period of renewed institutional interest in cryptocurrency-related public equities, though market conditions for new issuances remain selective. Evernorth's ability to complete the transaction suggests sustained investor appetite for vehicles offering direct exposure to digital asset holdings, particularly those tied to established blockchain networks with active developer communities.
The 473 million XRP position will be subject to public company disclosure requirements, providing transparency into the treasury's valuation that private entities holding similar positions typically do not offer. This reporting obligation may appeal to institutional investors seeking regulated exposure to cryptocurrency price movements without the operational complexities of direct custody.
Trading under the XRPN ticker will commence following the completion of customary closing conditions, with the October 8 target representing the anticipated timeline for the merged entity's first day of regular-way trading on the Nasdaq exchange.