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Evernorth is entering the final stage of a merger that will create the largest XRP treasury on the public market. Next Thursday, October 8, the company will begin trading on Nasdaq under the ticker XRPN, offering investors direct exposure to the popular token through a publicly traded company structure.

The main regulatory and corporate hurdle has been cleared: on September 30, 2026, shareholders of SPAC Armada Acquisition Corp. II officially approved the business combination. The approval was confirmed the following day by Evernorth CEO Ashish Birla, a former Ripple executive.

  • October 7: Legal completion of the merger between Evernorth and Armada II.
  • October 8: Nasdaq trading opens and shares of XRPN begin trading.

Documents filed with the SEC reveal the new issuer's substantial financial foundation. Evernorth is heading for its listing with approximately 473 million XRP on its balance sheet. This automatically makes it the world's largest "pure-play" XRP treasury among publicly traded companies.

The total value of the transaction, including private placements, exceeded $1 billion, while the SPAC merger itself brought in around $300 million in fresh cash. The deal is further bolstered by a group of anchor investors that includes industry heavyweights Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and GSR.

A MicroStrategy equivalent for XRP. What is the company's plan?

Instead of copying the model of traditional spot ETFs, which are required to hold coins passively, Evernorth is betting on active management.

"Many treasuries are built to sit still. Ours is intended to be actively managed. Shareholders have now backed that vision," Evernorth CEO Ashish Birla said.

The company's strategy is to put 473 million XRP to work across the XRP Ledger ecosystem. By using DeFi protocols and arbitrage in capital markets, management plans to steadily increase the amount of XRP held per XRPN share.

In effect, the stock market is getting a MicroStrategy (now Strategy) equivalent for the XRP ecosystem, with the official launch of a new asset class on Nasdaq set for next Thursday.