Current outcome
Nasdaq-listed Evernorth has selected Ripple, Kraken, Coinbase and BitGo as its first institutional partners to deploy roughly 473 million XRP (about $648 million) starting in Q4, with later expansion into XRP Ledger lending and on-chain DeFi strategies led by former Coinbase Asset Management co-CIO Hugo Jeandesboz.
Progress timeline
6 material updates- #01
- #02
Evernorth clears shareholder vote ahead of Nasdaq debut with 473M XRP treasury
Evernorth expects the merger to close on Oct. 7, with shares set to begin trading on Nasdaq under ticker XRPN the following day, and the transaction expected to raise about $300 million in gross cash proceeds.
State after update: Armada Acquisition Corp. II shareholders approved the merger with Evernorth; the deal is expected to close on Oct. 7, 2026, with the combined company set to begin trading on Nasdaq under ticker XRPN the following day, subject to remaining closing conditions.
Source evidence: Cointelegraph
- #03
XRP财库公司Evernorth完成与SPAC合并，10月12日登陆纳斯达克，持有4.73亿枚XRP
Evernorth completed its merger with Armada Acquisition Corp. II and announced it will begin trading on Nasdaq under XRPN on Oct. 12; after closing it holds roughly 473 million XRP and about $300 million in gross cash proceeds.
State after update: Evernorth has completed its merger with Armada Acquisition Corp. II and is set to begin trading on Nasdaq under ticker XRPN on Oct. 12, 2026; it holds roughly 473 million XRP and about $300 million in gross cash proceeds.
Source evidence: theblockbeats · foresightnews · Coinpaper
- #04
XRP’s next Wall Street expansion comes with an unexpected complication from Ripple
Ripple-backed Evernorth completed its SPAC merger with Armada Acquisition Corp. II and will begin trading on Nasdaq under ticker XRPN on October 12, carrying roughly 473 million XRP and about $300 million in gross cash proceeds from investors including Ripple, SBI Group, Pantera Capital, Kraken and GSR, while its accounting model recognizes impairment losses without allowing reversals when XRP recovers.
Source evidence: CryptoSlate
- #05
Ripple-Backed Evernorth Hits Nasdaq Holding 473 Million XRP Worth Far Less Than It Paid
New facts: the Evernorth-Armada Acquisition Corp. II merger closed on Oct. 9 and began trading on Nasdaq on Oct. 12; about 80.3% of public shareholders redeemed roughly $195 million, leaving a thin float; XRP fell from $2.37 at signing to a $1.43 reference price, marking the treasury at about $677 million versus the originally touted more than $1 billion raise; SBI Holdings controls 39.9% of voting shares, Arrington Capital's fund holds 19.9%, Chris Larsen is tied to 9.9%, and Ripple and affiliates are capped at 9.9% with six-month lock-ups until April 2027.
State after update: Evernorth completed its SPAC merger with Armada Acquisition Corp. II and began trading on Nasdaq under XRPN on October 12, 2026, holding about 473 million XRP and roughly $300 million in cash. About 80.3% of public shareholders redeemed, pulling out about $195 million; the $1.43 XRP reference price values the treasury at about $677 million, below the originally touted more than $1 billion raise; SBI holds 39.9% of voting shares, Arrington 19.9%, Larsen 9.9%, and Ripple and affiliates are capped at 9.9% with six-month lock-ups until April 2027.
Source evidence: Decrypt
- #06
【Evernorth 与 Ripple、Kraken、Coinbase 和 BitGo 合作部署 6.48 亿美元 XRP 储备】
Nasdaq-listed Evernorth has selected Ripple, Kraken, Coinbase and BitGo as its first institutional partners to deploy roughly 473 million XRP (about $648 million) starting in Q4, with later expansion into XRP Ledger lending and on-chain DeFi strategies led by former Coinbase Asset Management co-CIO Hugo Jeandesboz.
Source evidence: foresightnews · theblockbeats