Evernorth’s $1 Billion XRP Treasury Moves Closer to Nasdaq Listing

Evernorth Holdings is moving toward a proposed Nasdaq listing under the ticker XRPN, but the headline-sized XRP figure comes with an important wrinkle: most of the planned coins are contributions, not fresh market purchases.

The company announced that the SEC had declared its Form S-4 registration statement effective, clearing the way for a planned business combination with Armada Acquisition Corp. II. The transaction still requires shareholder approval and closing. Evernorth says the combined company would trade as XRPN if the deal is approved and completed.

What Evernorth Plans to Hold

The definitive proxy is reported to project a treasury of at least 473,276,430 XRP at closing. That total would be worth about $709.9 million at an XRP price of $1.50, or roughly $1.183 billion at $2.50. Those are illustrative values, not a promise of future treasury performance.

The projected balance comes from several sources:

• 600,000 XRP advance
• 200,000 XRP delayed contribution
• 211,319,096.061435 XRP associated with the sponsor
• 50 million XRP related-party contribution
• 126,791,458 XRP contributed by Ripple
• 84,365,876.3625 XRP bought for $214 million, at an average price of $2.53657058

That makes the cash purchase a small part of the projected total. About 84.37 million XRP, or 17.8%, was explicitly bought with cash. The rest was already held or contributed by parties connected with the structure.

So, describing the entire 473 million XRP balance as imminent spot buying would give readers the wrong impression. It would treat old holdings and contributed coins as if they were future market orders.

Ripple’s Role Is Large

Ripple is proposed to contribute 126,791,458 XRP, which is about 26.8% of the projected treasury. Sponsor-related XRP accounts for roughly 44.6%.

Those figures describe where the tokens come from. They do not necessarily show how much corporate voting stock the contributors will own. Token contributions and equity ownership are separate pieces of the structure.

Evernorth describes itself as an actively managed XRP treasury, rather than a company that simply buys and holds digital assets. Its named investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. The company’s founder and CEO is Asheesh Birla.

What Buying XRPN Would Mean

Buying XRPN shares would mean buying corporate equity. It would not create a direct redemption right for a fixed number of XRP. The value of the shares would depend on the company, its treasury strategy and the risks around the transaction.

The proposed financing adds another layer. Evernorth is associated with a separate $30 million convertible financing that is conditional on the merger closing. The notes carry a 4% payment-in-kind rate and are due in 2031. Proceeds may be used to buy XRP.

Armada reported about $241.2 million in trust and 23 million shares subject to possible redemption as of June 30. Shareholders had a September 28 deadline to request redemption, two days before the scheduled vote. The final redemption result was not confirmed in the research brief.

The Listing Is Not Done Yet

Shareholders were scheduled to vote at noon Eastern on September 30, 2026, on the combination. The research did not confirm the vote’s outcome or whether the business combination ultimately closed.

The SEC’s declaration that the Form S-4 was effective only allowed the registration document to support a vote. It was not an SEC endorsement of XRP or of the investment merits of XRPN. Evernorth’s own announcement also said that neither the SEC nor a state securities regulator had approved or disapproved the transaction on its merits.

There is also a timing difference in the available reporting. One report pointed to a fourth-quarter 2026 close, while the company announcement referred to late in the third quarter or early in the fourth quarter. Neither timing is guaranteed.

The useful question is not simply whether Evernorth could reach a billion-dollar headline. It is whether shareholders are buying a clearly governed corporate vehicle, how much capital will actually be used to purchase XRP in the market, and what rights those shareholders receive.

For now, the proposed treasury is substantial, but its composition is more important than the round number. The $1 billion figure depends on XRP’s price and includes coins contributed by Ripple and other related parties. The listing remains proposed, not confirmed.