Shareholders of Armada Acquisition Corp. II gave their approval at a meeting Sept. 30, clearing the last obstacle for Evernorth’s public debut. The deal now sets the stage for a Nasdaq listing next week, with the treasury company built around XRP having passed the vote.
Closing is expected on Oct. 7, with Evernorth’s Class A common stock set to start trading Oct. 8, using the ticker “XRPN.”.
The $1 Billion Raise
More than $1 billion has now come in from the merger and its accompanying fundraising effort. The deal is projected to bring in roughly $300 million in gross cash proceeds, with the total divided up this way:
- $225 million from private placements
- $30 million in convertible note financing
- About $48 million in trust proceeds
- Investor contributions of XRP directly
Evernorth expects to own roughly 473 million XRP at closing, a position it says would rank it as the “largest publicly traded pure-play” XRP treasury company. According to the firm, 100% of its committed funders are taking part.
Who Backs Evernorth
A number of backers stand behind Evernorth, including Ripple, Pantera Capital, Kraken, SBI Group, GSR, and Arrington Capital. The firm first disclosed its intentions regarding a $685 million XRP reserve, which was part of a broader Ripple-sponsored campaign to gather $1 billion of the token. Its registration document passed SEC scrutiny once it went into effect in late August.
Birla on the Listing
“Going public will offer investors a regulated, transparent way to own XRP exposure and participate in the growth of the blockchain economy,” said Asheesh Birla, Evernorth’s founder and CEO.
The Treasury Trend
This offering puts XRP into the growing trend of public companies raising money to hold a single digital asset and link their stock price to its value. The approach was first set out by Michael Saylor’s Strategy with Bitcoin.
The company has said it plans to build up the value of its XRP per share over time, using a combination of yield strategies, taking part in the wider system and work within capital markets.
The Risk
The structure carries the familiar risk of the category: the company’s fortunes will track XRP’s price, which can swing sharply in either direction.
What to Watch
The ticker XRPN starts trading on Oct. 8, entering a market where XRP’s volatility defines the entire narrative.
Source material: “The 'Largest Pure-Play' XRP Treasury Is About to Go Public,” Decrypt.
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