Shareholders of Armada Acquisition Corp. II have approved a business combination that will make Ripple-backed Evernorth Holdings the largest publicly traded pure-play XRP treasury company, according to an Oct. 1 press release. The deal is expected to generate roughly $300 million in gross cash proceeds before expenses.

The transaction is set to close on Oct. 7, with trading on Nasdaq under the ticker "XRPN" expected to begin Oct. 8, subject to remaining closing requirements.

The capital stack includes $225 million from related private placements, $30 million in incremental convertible note financing and approximately $48 million in trust proceeds. Investors have also contributed XRP directly to the transaction.

How much XRP will Evernorth hold?

Evernorth expects to hold about 473 million XRP at closing, the company said, a position worth roughly $705 million at current market prices. That makes it the largest listed vehicle offering pure-play exposure to XRP, and its debut adds a new instrument to the growing roster of single-asset crypto treasury companies on U.S. exchanges.

The shareholder roster is notable. Ripple, the issuer of XRP and Evernorth's namesake backer, counts among its investors, alongside Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Ripple's participation links the listed entity directly to the core operator of the XRP Ledger ecosystem.

What does the listing change for investors?

The company said its public listing will provide investors with a regulated and liquid way to gain exposure to XRP. In practice, that gives institutional and retail buyers who cannot or will not hold the token directly a Nasdaq-traded proxy, with the disclosure and custody architecture of a listed corporation.

Evernorth said it plans to seek growth in its XRP per-share holdings through three channels:

• yield strategies;
• participation in the XRP ecosystem;
• capital markets activities.

The per-share formulation matters. Like other treasury-company models, the pitch rests on accretion — each share representing more XRP over time — rather than on passive token price appreciation alone. Yield generation on XRP holdings remains operationally limited compared with staked assets, so the company's ability to execute on ecosystem participation and capital markets deals will likely determine whether it can deliver accretion.

Why it matters for market structure

The listing extends the crypto treasury company trend, dominated to date by Bitcoin vehicles, into XRP. It also gives the token a regulated wrapper at a moment when institutional access to altcoin exposure remains fragmented. A $705 million XRP position in a single listed entity concentrates a meaningful, trackable holder on public markets, with mandatory disclosure of any changes.

If the deal closes as scheduled on Oct. 7, XRPN's first sessions on Oct. 8 will offer the first market test of how investors price regulated XRP treasury exposure relative to the underlying token.