Armada Acquisition Corp. II Shareholders to Vote on Evernorth’s Public Listing
Armada Acquisition Corp. II shareholders are scheduled to vote on September 30 on a proposed business combination that could see Evernorth, a cryptocurrency-focused treasury company, become publicly traded.
A positive vote would remove the final significant hurdle for Evernorth to begin trading on Nasdaq under the ticker symbol XRPN.
The move has garnered praise from prominent cryptocurrency commentators, particularly those who favor Ripple and its native token, XRP. BankXRP, for instance, recently emphasized that the company is “one vote away” from bringing an XRP-focused treasury to the Nasdaq. This distinction is crucial, as Evernorth is not structured as a passive XRP fund. Instead, it aims to actively manage and deploy XRP across the ecosystem through yield strategies, infrastructure investments, and capital markets activities, with the goal of increasing the value represented by each share over time.
Evernorth currently holds approximately 473 million XRP, positioning it as one of the largest corporate holders of the asset. If the merger is approved, this substantial XRP treasury would become accessible to investors through a publicly traded U.S. equity, eliminating the need for individual investors to purchase, custody, and manage the token themselves.
Vincent Van Code, another prominent figure within the XRP community, has argued that direct cryptocurrency ownership presents significant operational challenges for large institutions, including issues with custody, compliance, audits, insurance, and internal controls. He suggests that alternatives like Evernorth offer a more streamlined path for investors seeking XRP exposure without the burden of building their own infrastructure.
In a social media post on September 25, 2026, Van Code highlighted the contrast between the SEC’s past lawsuit against Ripple, which alleged XRP was a security, and Evernorth’s current pursuit of a public listing as the first XRP holding company. He commented, “And people are still not bullish for crypto. It’s no wonder 90% of people live pay check to pay check.”
CryptoPotato previously reported that Evernorth had agreed to raise an additional $30 million through 4% convertible senior PIK notes due in 2031. This financing is contingent upon the approval and finalization of Evernorth’s business combination with Armada II.
The newly raised funds could be allocated towards further XRP acquisitions and other initiatives within the broader Ripple ecosystem. This $30 million injection follows over $1 billion in gross proceeds previously secured from investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
