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 grow 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 below the XRPN ticker.
Will XRPN Be Completely different?
Fashionable cryptocurrency commentators, particularly these with a transparent choice towards Ripple and its native token, have lengthy praised Evernorth’s transfer. BankXRP is amongst these. They 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 vital 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 presently 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 grow to be accessible by way of a publicly traded US fairness reasonably than requiring traders to buy, custody, and handle the token themselves.
One other fashionable member of the XRP Military, Vincent Van Code, lately argued that direct crypto possession stays operationally tough for bigger establishments, which should cope with custody, compliance, audits, insurance coverage, and inside controls. In distinction, options comparable to Evernorth may present an easier route for traders who need XRP publicity with out constructing that infrastructure themselves.
A couple of years again, SEC sued Ripple claiming XRP was a safety.
As we speak, @evernorthxrp is searching for 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 reside pay test to pay test 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 accessible as soon as Evernorth’s enterprise mixture with Armada II is accredited and turns into official.
The proceeds may finally be used for added 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 traders together with Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.
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