XRP Is Coming to Nasdaq: Evernorth Clears Key Vote With 473M Treasury

Of the $225 million Evernorth lists as private placement cash, $214 million was spent in late 2025 on XRP bought at an average of $2.54. Evernorth’s merger with Armada Acquisition Corp. II won shareholder approval on Wednesday, putting its 473 million XRP treasury on course for a Nasdaq listing. The vote passed with about 20.5 million shares in favor and 1.4 million against, according to Armada II’s filing on Thursday. It came five weeks after the SEC declared Evernorth’s registration statement effective on August 27. Evernorth expects the deal to close on October 7. The company’s shares should start trading the next day under XRPN, the ticker the SPAC already uses. Over $1 Billion Raised The firm said the deal and its private placements have raised more than $1 billion, the total it first put on the merger in October 2025. Investors contributed part of that total as XRP, which the release does not value in dollars. Evernorth’s release puts about $300 million of the total in gross cash. Private placements supply $225 million of that cash. Another $30 million comes from convertible notes the company agreed to sell in September. Advance funding investors provided $214 million of the ...