Armada Acquisition Corp. II shareholders approved the business combination with Evernorth on October 1, clearing the final structural hurdle before the XRP treasury company lists on Nasdaq under ticker XRPN on October 8, per a company release.

The transaction is expected to raise about $300 million in gross cash proceeds. Related private placements and in-kind XRP contributions push the total above $1 billion. At closing, Evernorth projects roughly 473 million XRP on its balance sheet, up from approximately 347 million tokens currently held.

What does the approval unlock?

The vote removes the last major gate before the SPAC merger closes on October 7. Armada filed its S-4 registration in March; the SEC declared the registration effective in late August. With shareholder consent secured, Evernorth joins spot XRP ETFs as a regulated route to XRP exposure.

Evernorth CEO Asheesh Birla framed the listing as a transparent alternative for direct holdings. "Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Birla said in a release. "We're grateful to our shareholders for their support as we complete this important transaction."

Who is backing the vehicle?

Anchor investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. That roster ties Evernorth directly to Ripple Labs, the largest issuer-affiliated holder of XRP, and to the trading venues that handle most U.S. retail order flow.

Leadership has telegraphed ambitions beyond passive custody. Chief Business Officer Sagar Shah told The Block in August that the company is evaluating a proposal to add native lending functionality to the XRP Ledger. The initiative, he said, could reduce smart-contract risk by embedding credit logic at the protocol level.

How large is the treasury relative to the market?

The 473 million XRP Evernorth expects to hold at closing represents a meaningful slice of circulating supply. At a spot price near $1.48, the stash would carry a market value of roughly $700 million. XRP itself trades with a market capitalization north of $93 billion after finishing the third quarter more than 40% higher.

The current 347 million XRP already on Evernorth's books translates to approximately $512 million at publication prices, BitcoinTreasuries data show. The gap between that figure and the projected post-closing balance reflects the in-kind contributions from private placement investors.

What changes for the XRP treasury structure?

Evernorth joins a small cohort of public companies whose primary treasury reserve is a single token, alongside Strategy's bitcoin holdings and several Ethereum-focused entities. Its Nasdaq listing will subject XRP custody, valuation, and reporting to standard public-company disclosure rules.

The deal also formalizes a second institutional channel for XRP exposure in the United States, alongside regulated spot ETFs. Asset allocators now have a choice between a fund wrapper and a corporate treasury structure when sizing positions in the asset.

Trading under XRPN begins October 8, provided the SPAC closes on schedule the prior day.