Evernode has completed its merger with Armada Acquisition Corp. II and says its shares are expected to begin trading on Nasdaq on Oct. 12 under the ticker XRPN.
The company said it holds about 473 million XRP and about $300 million in cash. It is positioning itself as an XRP-focused treasury company that plans to deploy capital into businesses and infrastructure linked to the token’s broader utility.
Merger closes ahead of public listing
The completed transaction with special purpose acquisition company Armada Acquisition Corp. II clears the way for Evernode’s planned public-market debut. According to the company, Nasdaq trading is set to begin on Oct. 12 under the symbol XRPN.
Evernode also said a Nasdaq closing bell ceremony is scheduled for Oct. 14. The event is expected to include company executives, investors, and participants from the XRP ecosystem.
Balance sheet centered on XRP
Evernode said it currently holds roughly 473 million XRP alongside about $300 million in cash. That combination gives the company a sizable crypto treasury as it enters the public market.
The investor group disclosed in connection with the company includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Strategy focuses on utility-driven deployment
The company said its long-term goal is to increase XRP holdings per share. To do that, it plans to put capital to work in infrastructure and services intended to expand XRP’s use across multiple areas of the digital asset economy.
The business areas identified by Evernode include tokenized assets, blockchain-based lending markets, and payments and settlement infrastructure. The company presents that approach as a way to build around XRP utility rather than simply holding the token passively.
Management and backers outline the thesis
Chief executive Ashish Birla said the company aims to build an active XRP treasury business while meeting the transparency and governance expectations of public markets.
Michael Arrington, founder of Arrington Capital, said the XRP ecosystem is maturing in a way that can attract developers and capital. He said Evernode’s role would be to support that infrastructure buildout by combining large-scale capital, active participation, and public-company standards.
Next confirmed milestones
The immediate next step is the planned start of Nasdaq trading on Oct. 12 under XRPN, followed by the Oct. 14 closing bell ceremony.
Beyond those dates, the company’s stated focus is on deploying its capital into XRP-related infrastructure and services with the objective of growing XRP holdings per share over time.
Source: en.bloomingbit.io