Evernorth wins shareholder vote for Nasdaq XRP treasury listing

Evernorth is set to debut on Nasdaq under the ticker XRPN on October 8, 2026, following shareholder approval of its merger with Armada Acquisition Corp. II on September 30, 2026. Backed by Ripple, Pantera Capital, and Kraken, the transaction has generated over $1 billion in total commitments. Evernorth expects to hold 473 million XRP, valued at roughly $710 million, making it the largest publicly traded pure-play XRP treasury. The firm aims to apply the single-asset treasury model pioneered by MicroStrategy to XRP, though it faces risks from token price volatility.

Evernorth and Armada merger details

• ▪The business combination agreement between Evernorth and Armada Acquisition Corp. II was signed on October 19, 2025, and includes Ripple Labs under the agreement
• ▪Shareholders of the blank-check firm Armada Acquisition Corp. II voted on September 30, 2026 to approve a business combination with Evernorth

Evernorth's XRP treasury holdings

• ▪Evernorth expects to hold approximately 473 million XRP upon closing its merger, valued at roughly $710 million based on a $1.50 price on October 1, 2026, making it the largest publicly traded pure-play XRP treasury company
• ▪Evernorth plans to grow its XRP holdings per share over time through yield strategies, participation in the XRP ecosystem, and capital markets activities

Evernorth's active treasury model and risks

• ▪Evernorth's active treasury model carries the risk that its valuation and financing costs will be highly sensitive to XRP's price volatility, which can squeeze valuations and erase premiums during market downturns
• ▪Evernorth's active treasury model is designed to emulate the single-asset digital-asset treasury trend pioneered by MicroStrategy with Bitcoin, where public companies raise capital to stockpile a single cryptocurrency and tie their share price to it

The broader cryptocurrency treasury market

• ▪A study cited by Cryptopolitan of Bitcoin treasury firms found that while they exhibited strong Bitcoin exposure, they did not produce statistically significant abnormal returns after standard risk adjustments
• ▪According to The Block's treasury tracker, 119 public firms hold over $134.7 billion worth of cryptocurrencies in net asset value, with Bitcoin accounting for 80.3% of that total, or roughly $108.1 billion

Debatable claims

• ▪The SEC should block public listings for single-asset crypto treasuries
• ▪Evernorth's XRP treasury model poses unacceptable risks to public shareholders
• ▪The Bitcoin treasury model can be successfully replicated with altcoins