SAN FRANCISCO – Evernorth Holdings Inc. finalized its business combination with special purpose acquisition vehicle Armada Acquisition Corp. on October 9, 2026, clearing the path for its stock market listing. The newly formed XRP treasury company enters the public arena holding roughly 473 million XRP alongside roughly $300 million in gross cash proceeds before transaction fees.

Common shares of Evernorth are scheduled to commence trading on the Nasdaq Stock Market on Monday, October 12, 2026, under the ticker symbol XRPN. Management is set to celebrate the public arrival by ringing the Nasdaq closing bell on October 14, 2026, alongside ecosystem participants and enterprise backers.

Balance Sheet Structure of the XRP Treasury Company

Operating as a publicly traded corporate treasury vehicle, the XRP treasury company holds one of the largest corporate reserves of XRP among public firms. Rather than functioning as a passive vehicle that merely tracks market prices, the firm plans an active deployment model to expand XRP holdings per share through decentralized finance mechanisms, enterprise credit lending, and broader capital market operations.

Executive leadership underscored this operational mandate following the transaction's close. Asheesh Birla, founder and chief executive officer of Evernorth, explained the motivation behind the listing: "In setting out to build Evernorth, our goal was to create something unique: an actively managed XRP treasury purpose-built to support the growth of the ecosystem with the transparency and governance that public markets demand," he said.

Scanx reported that Birla elaborated further on how these resources will be put to work across decentralized protocols. "We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP's utility, and pursuing strategies designed to grow XRP per share over time," Birla stated.

According to Scanx, Evernorth relies on a dual-mandate balance sheet that pairs its 473 million token cache with substantial cash liquidity. This setup gives the XRP treasury company capital to direct toward tokenized real-world assets, network settlement infrastructure, and onchain credit lines while complying with Nasdaq reporting obligations.

Institutional Backing and Advisory Network

Evernorth completed the public listing backed by an institutional syndicate across digital assets and traditional finance. Capital backers supporting the enterprise include Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and GSR.

Michael Arrington, founder of Arrington Capital, highlighted the firm's strategic focus on network expansion: "Our conviction in XRP has always been rooted in the belief that the ecosystem would continue to mature, attracting serious builders and capital," he said, noting the role of public oversight in developing network infrastructure.

The transaction engaged multiple investment banks and corporate law firms across Wall Street. Citigroup Global Markets Inc. served as sole private placement agent and acts as capital markets advisor to Evernorth, with Davis Polk & Wardwell LLP acting as legal counsel to both Evernorth and Ripple.

Merger Timeline and Cash Breakdown

The corporate union traces back to October 2025, when Evernorth originally unveiled its definitive business combination agreement. Earlier operational roadmaps anticipated that the corporate combination would finalize on October 7, with public market trading kicking off on October 8.

An administrative delay pushed the completion timeline to Friday, October 9, which shifted the Nasdaq debut date by four days to October 12, according to reporting by MarketForces Africa and ZyCrypto. Evernorth noted that shareholder approval through Armada had already been obtained, leaving final stock exchange requirements before the launch.

MarketForces Africa reported that the estimated $300 million gross cash proceeds combine $225 million secured from private placements, $30 million from convertible notes, and approximately $48 million remaining in Armada's trust account. Across the initial business merger and associated private placements, Evernorth disclosed aggregate raised capital exceeding $1 billion.

MarketForces Africa also noted that the closing treasury of 473 million XRP incorporates 126.79 million tokens contributed directly by Ripple alongside 84.37 million tokens purchased for approximately $214 million.

Broader XRP Treasury Market Dynamics

The transaction arrives alongside wider institutional developments surrounding the XRP digital asset ecosystem. According to ZyCrypto, Paxos Crypto Brokerage introduced trading, custody, and transfer support for XRP, allowing enterprise partners such as Interactive Brokers, Charles Schwab, and PayPal to offer the token across their retail and institutional customer bases.

ZyCrypto noted that XRP is registered across more than 8.1 million digital wallets, carrying an aggregate market valuation approaching $95 billion. At the time of reporting by Crypto Briefing, the XRP treasury company saw the underlying token trade near $1.39, while Bitcoin changed hands around $83,000.

Crypto Briefing reported that Evernorth's long-term operational plans encompass validating transactions on the XRP Ledger, using Ripple's RLUSD stablecoin to access decentralized finance pools, and funding liquidity protocols. As an XRP treasury company, management noted that actual future performance remains subject to external risks and operational uncertainties outlined in corporate filings.

Conclusion

Evernorth Holdings has completed its business combination with Armada Acquisition Corp., establishing a public treasury capitalized with approximately 473 million XRP and $300 million in gross cash proceeds. The company's common stock is scheduled to begin regular trading on the Nasdaq Stock Market on Monday, October 12, 2026, under the ticker XRPN. Following the trading debut, executive leadership and institutional backers are scheduled to ring the Nasdaq closing bell on October 14, 2026.

Frequently Asked Questions

When do Evernorth shares start trading under the ticker XRPN?

Evernorth Holdings common stock is scheduled to begin trading on the Nasdaq Stock Market under ticker symbol XRPN on Monday, October 12, 2026, following the completion of its SPAC merger on October 9, 2026.

How much XRP and cash does Evernorth hold after the merger?

Following the merger closing, the firm retains a balance sheet holding close to 473 million XRP tokens alongside nearly $300 million in pre-expense cash raised from investors.

Which institutional firms invested in the Evernorth transaction?

Evernorth secured institutional capital from digital asset and financial firms including Ripple, SBI Group, Pantera Capital, Arrington Capital, Kraken, and GSR, with Citigroup Global Markets Inc. serving as private placement agent.

Why was the Evernorth Nasdaq listing delayed to October 12, 2026?

Evernorth originally planned to close its merger on October 7 and begin trading on October 8, but an administrative delay shifted transaction closing to October 9, moving the Nasdaq listing date to October 12.