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The shareholders of Armada Acquisition Corp. II are set to vote on September 30 on the proposed business combination, on whether Evernorth will be the next cryptocurrency-related company to become public.
A potential approval would clear the last major obstacle before the $XRP-focused treasury company can begin trading publicly under the XRPN ticker.
Will XRPN Be Different?
Popular cryptocurrency commentators, especially those with a clear preference toward Ripple and its native token, have long praised Evernorth’s move. BankXRP is among those. They recently highlighted the upcoming vote this week, noting that the company is effectively “one vote away” from bringing an $XRP-focused treasury company to Nasdaq. The distinction is important because Evernorth is not designed to function like a passive $XRP fund.
Instead, it intends to hold and actively deploy the cross-border token across the ecosystem, including through yield strategies, infrastructure participation, and capital-markets activity, with the stated objective of increasing the amount of coins represented by each share over time.
Evernorth currently holds roughly 473 million $XRP, making it one of the largest identifiable corporate holders of the asset. If the merger closes, that treasury would effectively become accessible through a publicly traded US equity rather than requiring investors to purchase, custody, and manage the token themselves.
Another popular member of the $XRP Army, Vincent Van Code, recently argued that direct crypto ownership remains operationally difficult for larger institutions, which must deal with custody, compliance, audits, insurance, and internal controls. In contrast, alternatives such as Evernorth could provide a simpler route for investors who want $XRP exposure without building that infrastructure themselves.
A few years back, SEC sued Ripple claiming $XRP was a security.
Today, @evernorthxrp is seeking approval for its public listing as the first $XRP holding company.
And people are still not bullish for crypto. It’s no wonder 90% of people live pay check to pay check https://t.co/JV60J95yby
— Vincent Van Code (@vincent_vancode) September 25, 2026
$30M Waiting
CryptoPotato reported earlier that Evernorth agreed to raise another $30 million through 4% convertible senior PIK notes due in 2031. The catch is that the financing will only be available once Evernorth’s business combination with Armada II is approved and becomes official.
The proceeds could eventually be used for additional $XRP purchases and other activities across the broader Ripple ecosystem. The $30 million funding comes on top of the more than $1 billion in gross proceeds previously secured from investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
