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Ripple-backed Evernorth Holdings moved closer to becoming a publicly traded XRP treasury company after Armada Acquisition Corp. II shareholders approved their proposed business combination.
The companies expect the transaction to close on Oct. 7, subject to remaining closing conditions. Evernorth’s Class A common stock is then expected to begin trading on Nasdaq under XRPN on Oct. 8.
Evernorth expects to hold approximately 473 million XRP at closing. The company says that balance would make it the largest publicly traded pure-play XRP treasury company.
Ripple News: Evernorth Clears Shareholder Vote
The shareholder approval advances the merger between Evernorth and Armada Acquisition Corp. II. The combined company plans to list on Nasdaq under the XRPN ticker. Evernorth said the company will become the largest publicly traded pure-play XRP treasury company based on its expected holdings at closing.
The transaction is expected to provide about $300 million in gross cash proceeds before expenses. The amount includes $225 million from private placements, $30 million from additional convertible note financing and about $48 million from Armada II’s trust account. Investors have also contributed XRP directly to the transaction.
Evernorth’s XRP holdings are expected to total about 473 million tokens at closing. The company plans to use its XRP treasury across several activities, including institutional lending, liquidity provision, decentralized finance strategies and infrastructure linked to the XRP Ledger.
Evernorth Plans XRP Treasury Strategy
The company was formed as an XRP-focused digital asset treasury business and entered the proposed combination with Armada II as part of its plan to access public markets. Evernorth has said its strategy includes using capital markets and XRP-related activities to increase XRP per share over time.
Ripple is among the investors supporting Evernorth, alongside Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Evernorth founder and CEO Asheesh Birla has also been linked to the XRP ecosystem, while Ripple CEO Brad Garlinghouse and CTO Emeritus David Schwartz have served as advisors to the company.
The Nasdaq listing would give investors access to shares of a company whose treasury is heavily tied to XRP. The stock would represent equity in Evernorth rather than direct ownership of XRP.
XRP Price Analyst Shows Key Levels
XRP price traded near $1.49 on October 1, according to historical market data. The token moved between about $1.48 and $1.51 during the session, while its September 30 close stood near $1.49. XRP had also pulled back from the $1.57 area recorded on September 25, leaving the $1.50 region as a watched level on the price data.
XRP price prediction presents an 8.5-year cup-and-handle pattern and marks support zones near $0.89 and $0.64. The analyst shows Fibonacci extension levels at about $8.47, $13.70, and $27.31.
A separate chart from market analyst Dark Defender marks a breakout and backtest of a long-term resistance trend. The chart identifies Fibonacci levels near $1.88 and $2.90, followed by a higher extension near $18.23. The XRP price prediction shows a long-term upward projection.
With XRP crypto around $1.49, the $1.88 level would sit above the current market price, while $2.90 represents a further extension on the same chart. On the downside, support is around $0.89 and $0.64. XRP remains below its late-September high, keeping those technical levels relevant.
The Evernorth transaction adds a new public-market structure around XRP as the company moves toward its planned October 8 Nasdaq debut. The next scheduled milestone is the October 7 closing, after which XRPN trading will remain subject to Nasdaq listing approval.
This article is for informational purposes only and does not constitute financial or investment advice. Analyst price projections and transaction timelines may change.
