Evernorth completes Armada merger to list XRP treasury on Nasdaq
Image: Crypto BriefingEvernorth completed its merger with Armada Acquisition Corp. II, taking an XRP treasury company public. The company holds approximately 473 million XRP and approximately $300 million in gross cash proceeds before transaction expenses. Its stock is expected to begin trading on Nasdaq on October 12 under the ticker XRPN. Evernorth says it will actively deploy capital across the XRP economy and pursue strategies to grow XRP per share.
Key points
- Evernorth completed its business combination with Armada Acquisition Corp. II, clearing the way for a Nasdaq listing.
- The company enters the public markets holding approximately 473 million XRP and approximately $300 million in gross cash proceeds.
- Evernorth expects its common stock to begin trading on Nasdaq on October 12 under the ticker XRPN.
- Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital and GSR.
- Management says it will actively deploy capital across the XRP economy and pursue strategies to grow XRP per share.
Why it matters
Public-market investors gain access to a listed XRP treasury company that Evernorth says will actively deploy capital in the XRP economy rather than passively hold the token. Its shares are expected to trade on Nasdaq under XRPN.
What's unclear
The reports give different capital figures, citing more than $1 billion raised through the transaction and associated private placements versus approximately $300 million in gross
Price context · XRP
At publication
$1.40
Now
$1.41
Change since
+0.71%
7 days · dashed line = publication
Sources · 2 publishers
CryptoPotato
Tier 2
XRP’s Nasdaq Moment Is Here: Evernorth Completes Merger
Coverage timeline
- First reported by Crypto Briefing
- Confirmed by CryptoPotato
- CryptoVideos brief published
How this brief was made. Our system found this event in 2 independent publications, summarised two complete reports with AI and checked every number above against the source text. Sources are linked in full. Not financial advice. Report an error
