Ripple-Backed XRP Treasury Evernorth Wins Shareholder Vote, Heads to Nasdaq Next Week

Evernorth, the XRP treasury company backed by Ripple, is on track to start trading on Nasdaq on Oct. 8 after shareholders of its blank-check partner signed off on the merger.

Shareholders of Armada Acquisition Corp. II backed the business combination at an extraordinary general meeting on Wednesday, Evernorth announced on Thursday. The companies expect to close the deal on Oct. 7 if the remaining conditions are met or waived, and the combined company will operate as Evernorth Holdings.

About 20.5 million shares voted for the deal and roughly 1.4 million against, according to the vote tally Armada II filed with the SEC. Shares representing about 69% of the SPAC’s eligible votes took part in the meeting.

“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 release.

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Evernorth says the transaction and its related private placements have raised more than $1 billion in total. The cash it expects at closing is about $300 million before expenses: $225 million from private placements, $30 million in new convertible notes and around $48 million left in the SPAC’s trust.

The notes carry a 4% rate and come due in 2031, according to a September filing, with NH Investment & Securities acting as trustee for the private fund buying them.

Investors also contributed XRP directly. Evernorth expects to hold about 473 million XRP after closing. At XRP’s price of roughly $1.53 on Friday morning, per CoinGecko, that stash would be worth close to $724 million.

Evernorth launched in October 2025 with the Armada II merger already signed. It pitched itself as an alternative to a passive ETF that would try to grow its XRP per share through lending, market liquidity and DeFi yield. Birla is a former senior executive at Ripple.

At launch, Evernorth named SBI as a $200 million investor, alongside Ripple, Pantera Capital, Kraken and GSR. Ripple CEO Brad Garlinghouse and fellow Ripple executives Stuart Alderoty and David Schwartz were expected to serve as strategic advisors.

The company is one of many crypto treasury companies that have tapped public markets since 2025 to hold a single token, a model that started with bitcoin and spread to ether, Solana and XRP.

Armada II’s own shares already trade on Nasdaq under XRPN. Evernorth’s Class A stock is expected to take that ticker once the deal closes.

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