The 'Largest Pure-Play' XRP Treasury Is About to Go Public

In brief

• Evernorth cleared its final hurdle to go public after Armada Acquisition Corp. II shareholders approved their merger Sept. 30.
• The transaction and related placements raised over $1 billion for what the company calls the largest publicly traded pure-play XRP treasury.
• Backed by Ripple, Pantera, Kraken and others, it joins the crypto-treasury trend, with fortunes tied to XRP's volatile price.

Evernorth, a treasury company built around XRP, has cleared the last major obstacle to going public, with shareholders approving its merger and setting the stage for a Nasdaq listing next week.

The company said Wednesday that shareholders of Armada Acquisition Corp. II, the blank-check company Evernorth is merging with, voted to approve the business combination at a meeting Sept. 30.

The deal is expected to close Oct. 7, with Evernorth's Class A common stock slated to begin trading Oct. 8 under the ticker "XRPN."

The merger and related fundraising have pulled in more than $1 billion. The transaction is expected to generate roughly $300 million in gross cash proceeds, including $225 million from private placements, $30 million in convertible note financing and about $48 million in trust proceeds, before expenses.