The shareholders of Armada Acquisition Corp. II are set to vote on September 30 on the proposed enterprise mixture, on whether or not Evernorth would be the subsequent cryptocurrency-related firm to turn out to be public.
A possible approval would clear the final main impediment earlier than the XRP-focused treasury firm can start buying and selling publicly underneath the XRPN ticker.
Will XRPN Be Totally different?
Fashionable cryptocurrency commentators, particularly these with a transparent desire towards Ripple and its native token, have lengthy praised Evernorth’s transfer. BankXRP is amongst these. They just lately highlighted the upcoming vote this week, noting that the corporate is successfully “one vote away” from bringing an XRP-focused treasury firm to Nasdaq. The excellence is essential as a result of Evernorth isn’t designed to perform like a passive XRP fund.
As an alternative, it intends to carry and actively deploy the cross-border token throughout the ecosystem, together with by way of yield methods, infrastructure participation, and capital-markets exercise, with the acknowledged goal of accelerating the quantity of cash represented by every share over time.
Evernorth at the moment holds roughly 473 million XRP, making it one of many largest identifiable company holders of the asset. If the merger closes, that treasury would successfully turn out to be accessible by way of a publicly traded US fairness quite than requiring buyers to buy, custody, and handle the token themselves.
One other common member of the XRP Military, Vincent Van Code, just lately argued that direct crypto possession stays operationally tough for bigger establishments, which should take care of custody, compliance, audits, insurance coverage, and inside controls. In distinction, options reminiscent of Evernorth may present a less complicated route for buyers who need XRP publicity with out constructing that infrastructure themselves.
A number of years again, SEC sued Ripple claiming XRP was a safety.
Right this moment, @evernorthxrp is in search of approval for its public itemizing as the primary XRP holding firm.
And persons are nonetheless not bullish for crypto. It’s no marvel 90% of individuals stay pay verify to pay verify https://t.co/JV60J95yby
— Vincent Van Code (@vincent_vancode) September 25, 2026
$30M Ready
CryptoPotato reported earlier that Evernorth agreed to boost one other $30 million by way of 4% convertible senior PIK notes due in 2031. The catch is that the financing will solely be out there as soon as Evernorth’s enterprise mixture with Armada II is authorized and turns into official.
The proceeds may finally be used for extra XRP purchases and different actions throughout the broader Ripple ecosystem. The $30 million funding comes on prime of the greater than $1 billion in gross proceeds beforehand secured from buyers together with Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
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