Armada Acquisition Corp. II shareholders are scheduled to vote on September 30 on a proposed business combination with Evernorth, a decision that would determine whether the XRP-focused treasury company can move ahead with a public listing on Nasdaq.
If investors approve the deal, Evernorth would clear what the source describes as the final major hurdle before trading under the ticker XRPN. The company says it currently holds about 473 million XRP and plans to use that position as the foundation of a public-market vehicle tied to the token.
A key decision for the merger
The upcoming shareholder vote is central to Evernorth’s path to the public market. The transaction is structured through Armada Acquisition Corp. II, and approval would allow the combination to proceed and set up the company’s anticipated Nasdaq listing.
That has made the September 30 vote a closely watched date among XRP supporters, who have framed the company as being only one corporate approval away from becoming a publicly traded US equity linked to a large XRP treasury.
How Evernorth says its model will work
Evernorth is not presented as a passive holding vehicle for XRP. According to the source article, the company intends to hold the token and actively deploy it across the broader ecosystem through yield strategies, infrastructure participation, and capital-markets activity.
Its stated goal is to increase the amount of XRP represented by each share over time. If the merger closes, Evernorth’s treasury would become accessible through a listed stock, offering an alternative to buying, storing, and managing XRP directly.
Why supporters see a gap in the market
Commentators cited in the source argue that direct crypto ownership can remain operationally difficult, particularly for larger institutions. Issues such as custody, compliance, audits, insurance, and internal controls can make holding tokens directly more complex than owning a conventional listed security.
From that perspective, an equity such as XRPN could offer a simpler route for investors seeking XRP exposure through traditional market infrastructure. The article attributes that view to members of the XRP community rather than presenting it as an established market outcome.
XRP holdings and conditional financing
Evernorth says it holds roughly 473 million XRP, a level that the source describes as making it one of the largest identifiable corporate holders of the asset. That treasury is a central part of the company’s public-market pitch.
The article also says Evernorth previously agreed to raise another $30 million through 4% convertible senior PIK notes due in 2031. That financing would only become available if the business combination with Armada II is approved and completed.
According to the source, the proceeds could later be used for additional XRP purchases and for other activities tied to the wider Ripple ecosystem.
What comes next
The next confirmed step is the September 30 shareholder vote. A favorable result would remove the last major stated obstacle to Evernorth listing on Nasdaq under XRPN, while failure to win approval would leave that plan unresolved.
The source also says the company has previously secured more than $1 billion in gross proceeds from investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. Whether the additional $30 million note financing is unlocked now depends on the merger closing.
Source: cryptopotato.com