Evernorth has cleared a major hurdle toward its Nasdaq debut after Armada Acquisition Corp. II shareholders approved their business combination. The transaction will create a publicly traded company focused on holding XRP as a treasury asset.
The deal could deliver about $300 million in gross cash proceeds at closing. Additionally, Evernorth expects its XRP holdings to reach roughly 473 million tokens. The company currently holds approximately 347 million XRP before receiving additional in-kind contributions.
Nasdaq Listing Nears
The transaction could close on October 7, with the combined company expected to begin trading October 8. Evernorth plans to use the ticker XRPN on Nasdaq.
Moreover, the listing could give investors another regulated avenue for gaining XRP exposure. Evernorth joins a growing market that includes spot XRP exchange-traded funds.
The company has attracted backing from Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR. Hence, the public listing could expand institutional attention toward XRP treasury strategies.
XRP Market Watches Treasury Deal
XRP currently trades near $1.49, according Coingecko data. The token has declined 1.21% over 24 hours and 1.32% over seven days.
Consequently, Evernorth enters public markets while XRP faces modest short-term selling pressure. However, its expanding treasury could strengthen its position as a dedicated XRP investment vehicle.
Related: Citi Raises 12-Month Bitcoin Price Target to $113K and ETH to $3K
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