Evernorth XRP explained with details on the XRPN Nasdaq listing, shareholder vote, XRP treasury, merger, capital raise and key dates.
Author: Akshay
30th September 2026 – Armada Acquisition Corp. II shareholders vote Wednesday on a landmark Evernorth XRP treasury merger. A yes vote would put the company on Nasdaq. The special meeting starts at 12:00 p.m. Eastern on September 30, 2026.
High Signal Summary For A Quick Glance
Blue
@blueshopping24
@BankXRP Merger votes like this rarely move clean - I'd watch the post-close ticker more than the vote itself. The real signal is how fast institutional desks start building positions under $XRPN once the dust settles.
🚨 TODAY: $XRPN shareholders vote on the Evernorth merger at 12 PM ET. If approved and closing conditions are met, the combined company is expected to trade under $XRPN shortly after. A key day for the deal. 👀 https://t.co/31GJf2M7T2 https://t.co/0pmmWBM2po
09:53 AM·Sep 30, 2026
High attention and emotional sentiment detected.
So the headline circulating on X is wrong in two ways. XRP is not listing today, and “$XRPN shareholders” are not voting. The voters are public holders of Armada, a SPAC trading as AACI.
This is a de-SPAC deal, not a traditional IPO. Armada raised cash into a trust, and now it wants to merge that cash with Evernorth. Because of that structure, existing Armada holders decide the outcome.
The ballot carries several items. First comes the Business Combination Proposal to adopt the agreement signed October 19, 2025 and amended August 12, 2026. Then the Merger Proposal needs two-thirds of votes cast. It authorizes a move from the Cayman Islands to Delaware, then the merger.
Shareholders also weigh charter changes and a large authorized-share pool. That pool is reported near 10 billion shares across classes. As a result, the vote sets up both the deal and the future capital structure.
The sponsor, Arrington XRP Capital Fund, holds about 26.2% of outstanding common shares. It has agreed to vote yes. Still, public holders matter, since the definitive proxy cites roughly 12.47 million public shares under a full-turnout case.
Evernorth’s path to a potential Nasdaq debut as XRPN runs from the 2025 merger agreement through SEC review and the September 30, 2026 shareholder vote.
Armada Acquisition Corp. II prices its IPO and closes with 23 million units, generating $230 million in gross proceeds and about $231.15 million in trust.
Pathfinder Digital Assets LLC, the operating company later receiving Ripple’s XRP contribution, is formed.
Evernorth Holdings Inc. is incorporated in Nevada, establishing the company that will become the proposed combined entity.
Armada and Evernorth sign the business combination agreement. The public announcement targets a Nasdaq listing under XRPN and markets more than $1 billion of committed capital and XRP value.
$214.05 million in cash is received and used to purchase 84.37 million XRP, alongside the disclosed in-kind XRP contribution.
Evernorth and Armada enter the SEC registration process for the proposed business combination under filing number 333-294417.
Amendment No. 1 resets XRP-denominated share calculations and introduces a 39.9% ownership cap for SBI-affiliated holders.
The SEC declares the registration statement effective, allowing Armada to proceed with its definitive proxy and shareholder meeting.
Evernorth signs a $30 million convertible senior PIK note due 2031, available only if the de-SPAC closes and XRPN lists.
AACI public-share redemptions close two business days before the shareholder meeting, affecting the cash available for XRP purchases at closing.
AACI shareholders vote on the proposed business combination. Approval does not itself create XRPN or establish a first trading date.
If remaining conditions are satisfied, the deal can close and the combined company is expected to list on Nasdaq as XRPN. The first trading date remains unannounced.
Evernorth is a purpose-built XRP digital-asset-treasury company, often shortened to DAT. In plain terms, it is a corporation whose main asset is a cryptocurrency. Investors buy shares, not tokens.
Its pitch goes further than simple holding. Instead of only sitting on XRP, Evernorth says it will actively manage the stack. That means yield, lending, liquidity, and infrastructure bets. The stated goal is to grow XRP per share over time.
The founder is Asheesh Birla, a former longtime Ripple payments executive. He said he would leave Ripple’s board to run the company. At launch, Ripple executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz were named as strategic advisors.
The backer list is deep. It includes Ripple, SBI Group with a $200 million cash commitment, Arrington Capital, Pantera Capital, Kraken, GSR, and Rippleworks. In addition, Chris Larsen reportedly said he was proud to invest 50 million XRP.
The headline figure is at least 473,276,430 XRP at close. That total combines several lots. For example, Ripple contributed 126,791,458 XRP, and a $214 million cash tranche bought another 84,365,876 XRP.
But the closing total is not fixed. It depends on redemptions and on the XRP price at close. One proxy illustration showed about 689.7 million XRP with zero redemptions. That figure dropped to about 464 million XRP under full redemptions.
The tokens sit with a qualified custodian. According to filings, BitGo Bank & Trust holds the XRP. All of it sat in offline cold storage at the prospectus date. Still, no public wallet address or proof-of-reserves dashboard has appeared. So treat the number as a filing attestation, not an on-chain audit.
Even if the deal passes, XRPN does not trade Wednesday. Approval clears just one condition among many. After the vote, the company still needs to complete the domestication, both mergers, and the Nasdaq listing steps.
The SEC declared the Form S-4 effective on August 27, 2026. Importantly, that is disclosure clearance, not an endorsement of the merger, the model, or XRP. The company and outlets like crypto.news have both stressed this point.
Redemptions add another variable. Public holders could approve the deal and still ask for their cash back, and that window closed September 28. So the final cash available to buy more XRP remains unknown until the tallies land. Management targets a close shortly after a yes vote, in late Q3 or early Q4 2026.
Retail traders on X are treating the vote as XRP arriving on Wall Street. That framing overstates the event. Analysts and filings point instead to a narrower, riskier picture.
Consider the treasury-stock trend first. Research from DWF Ventures flagged a warning sign. Only 4 of the 20 largest treasury companies still traded above net asset value in late September. When a premium flips to a discount, the “issue shares, buy more coins” flywheel begins to break.
The cash tranche also looks underwater. Evernorth bought that 84 million XRP at roughly $2.54 each, yet XRP hovered near $1.50 around the vote. As a result, that lot alone carries a large paper loss.
Supply math tempers the bull case too. 24/7 Wall St. noted that deploying the full trust at $1.50 would buy only about 161 million extra XRP. That is roughly 0.26% of supply, so the listing is not a supply shock by itself.
Dilution is the last flag. The 10 billion-share authorization, the warrants, and a new $30 million convertible note are all tools. They let the company buy more XRP later. Yet issuing stock below NAV would dilute existing holders instead of growing XRP per share.
One correction keeps coming up in coverage from CCN and CoinDesk. Evernorth is a separate company, so calling XRPN “Ripple stock” is inaccurate. Ripple is a contributor and a party to the agreement, not the listed issuer.
XRPN would also differ from a spot XRP product. It is common stock, not an ETF and not a direct claim on tokens. Therefore a holder cannot redeem one share for a fixed amount of XRP.
Value instead tracks equity net of liabilities, divided by a share count that can rise. That is the core tension for any Evernorth XRP investor. The treasury can grow, but so can the shares outstanding.
The immediate signal is the vote tally, and a closing 8-K should follow if holders approve. After that, watch the redemption figure, since it sets the real XRP war chest. Then watch the first XRPN print for a premium or discount to NAV.
That opening trade will test the whole thesis. If XRPN lists above NAV, the accretion model can work. If it opens below, the Evernorth XRP story starts on the back foot. This is not financial advice, and readers should do their own research.
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