Evernorth is set to list on Nasdaq Oct. 8 under the ticker "XRPN" after a merger that raised more than $1 billion, positioning the company as the largest publicly traded pure-play XRP treasury.

The company said Wednesday that shareholders of Armada Acquisition Corp. II, the blank-check vehicle Evernorth is combining with, approved the business combination at a Sept. 30 meeting. The deal is set to close Oct. 7, and Evernorth will begin trading Class A common stock the following day.

"Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy," Asheesh Birla, Evernorth's founder and CEO, said in the announcement.

What is Evernorth buying, and how is the deal financed?

The merger and related placements are expected to deliver roughly $300 million in gross cash proceeds before expenses, funding both operating capital and additional token accumulation:

• $225 million from private placements
• $30 million in convertible note financing
• Approximately $48 million in trust proceeds held by the SPAC

The headline $1 billion figure also includes XRP contributed directly by investors. At closing, Evernorth expects to hold roughly 473 million XRP. The company said 100% of committed funders are participating, a level of alignment that SPAC mergers have historically struggled to deliver.

Who is behind the structure?

The investor lineup blends XRP-native and generalist crypto capital. Backers include Ripple, the issuer closely tied to the XRP Ledger; Pantera Capital; Kraken; SBI Group, the Japanese financial conglomerate; GSR, the crypto market maker; and Arrington Capital.

Ripple has anchored the structure from the outset. Evernorth first surfaced publicly with plans to build around a $685 million XRP stockpile as part of a Ripple-led effort to raise $1 billion and accumulate the token.

The company's registration statement took effect in late August, clearing U.S. Securities and Exchange Commission review before the shareholder vote and removing what had been the most concrete legal obstacle to the listing.

What is Evernorth's strategy after listing?

Evernorth has telegraphed how it will widen the gap between its token count and its share count over time. The company plans to grow tokens per share through yield strategies, ecosystem participation and capital-markets activity, including the convertible facility it just put in place.

The approach mirrors the template set by Michael Saylor's Strategy, the enterprise-software firm that converted its balance sheet into a spot Bitcoin proxy and now trades largely on its bitcoin-per-share ratio. Evernorth is the first vehicle of comparable size to apply that model to XRP.

What is the risk?

The structure carries the category's familiar exposure. Evernorth's equity will track XRP's price, an asset that has posted double-digit percentage moves in both directions over single-month windows during 2024 and 2025. Funds raised in this transaction will, by design, deepen that beta rather than diversify it, leaving the share price heavily tied to a single volatile asset.

The Oct. 8 listing will convert direct XRP exposure into a regulated U.S. equity wrapper, with Evernorth required to file periodic disclosures under SEC reporting rules going forward.