{
  "id": 11287335,
  "title": "Evernorth clears shareholder vote ahead of Nasdaq debut with 473M XRP treasury",
  "url": "https://urgent.news/2026/10/01/evernorth-clears-shareholder-vote-ahead-of-nasdaq-debut-with-473m-xrp",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T21:07:45.000Z",
  "source": {
    "name": "Cointelegraph",
    "slug": "cointelegraph",
    "url": "https://cointelegraph.com/news/evernorth-clears-shareholder-vote-ahead-nasdaq-debut-473m-xrp-treasury"
  },
  "original_language": "en",
  "account": "Evernorth expects to begin Nasdaq trading under the XRPN ticker after its SPAC merger concludes, holding a staggering $710 million XRP treasury at current valuation. The blank-check firm Armada Acquisition Corp. II secured shareholder approval for the proposed business combination, which is slated to finalize on October 7. The combined entity will list on Nasdaq the following day, contingent on outstanding closing conditions. Evernorth's victory in gaining shareholder approval follows its March filing of a Form S-4 registration statement with the US Securities and Exchange Commission, which was deemed effective in August, marking the final prerequisite before the Nasdaq listing. At the completion of the transaction, Evernorth anticipates owning approximately 473 million XRP tokens, positioning it as the leading publicly traded pure-play XRP treasury company. According to the company's announcement, the deal is projected to generate roughly $300 million in gross cash proceeds, comprising $225 million from private placements, $30 million in convertible note financing, and around $48 million from Armada II's trust. Investors have also deposited XRP directly into the transaction, currently trading at about $1.50 per token, resulting in Evernorth's expected treasury worth around $710 million. Evernorth's stakeholder roster includes Ripple, Kraken, Pantera Capital, SBI Group, Arrington Capital, and GSR. The company envisions expanding its XRP holdings per share through yield strategies, engagement within the XRP ecosystem, and capital markets endeavors. Evernorth's Nasdaq debut follows other crypto firms' SPAC mergers, yielding varied results this year. Securitize completed its merger with Cantor Equity Partners II and commenced trading on the New York Stock Exchange in July, while CoinShares debuted on the Nasdaq in April after a $1.2 billion merger with Vine Hill Capital Investment Corp. However, crypto treasury companies have encountered obstacles. Ether Machine abandoned its proposed merger with Dynamix in April due to unfavorable market conditions, halting plans to launch a $1.5 billion yield-bearing Ether fund. Similarly, Bitcoin Standard Treasury Company and Cantor Equity Partners I cancelled their merger deal in July, postponing a shareholder vote indefinitely as they renegotiated terms to better reflect current market conditions.",
  "summary": "Evernorth expects to begin trading on Nasdaq under the ticker XRPN after its SPAC merger closes, with an XRP treasury worth roughly $710 million at current prices.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}