Evernorth Completes Merger Ahead of XRPN Nasdaq Debut

Evernorth completed its merger with Armada Acquisition Corp. II on October 9, bringing the XRP-focused treasury company closer to a Nasdaq listing. The company expects its shares to begin trading under the ticker XRPN on October 12, 2026, with approximately 473 million XRP and about $300 million in gross cash proceeds before transaction expenses, according to its disclosures. The planned trading date follows an earlier expectation of an October 8 debut. Evernorth’s merger completion does not mean all of its XRP was purchased at closing: the holdings include tokens acquired previously and in-kind contributions, according to one account of the transaction. Chief Executive Officer Asheesh Birla has said Evernorth intends to manage its treasury actively rather than simply hold XRP. The company plans to deploy capital across institutional and decentralized finance yield opportunities, ecosystem infrastructure, on-chain credit and capital-markets activities. It says its objective is to increase the amount of XRP backing each share. That strategy’s results remain unproven.