Evernorth crypto merger reportedly wins vote—what comes next for XRPN?

Armada Acquisition Corp. II shareholders have reportedly approved its merger with Evernorth, moving the XRP treasury company closer to a Nasdaq listing.

So far, the result has not been confirmed by Armada or Evernorth or through any regulatory filing yet.

Evernorth crypto deal clears reported vote

Armada planned its shareholder meeting for September 30 after the US Securities and Exchange Commission allowed the companies to distribute their final merger documents.

Following the meeting, an XRP Ledger community member known as Bear Champ reported that the merger had passed.

Listened in on the Armada/Evernorth merger vote, it passed.

AMBCrypto could not independently confirm the result at the time of this writing.

If it is confirmed, the approval removes one of the main obstacles of the transaction. But the merger must still close. Also, Nasdaq’s remaining conditions must be satisfied before its shares can trade under XRPN.

What the deal means for XRP

Evernorth plans to operate as a publicly traded company with XRP as its main asset.

According to an SEC filing that was seen, the company had gathered more than 473.27 million XRP.

It bought about 84.37 million XRP for $214 million in November 2025. The others were committed through investments and contributions linked to the transaction, and it includes XRP from Ripple itself.

The company says it will not just hold the tokens. It intends to invest in XRP-related infrastructure and pursue strategies that will increase the amount of XRP represented by each share.

For investors, XRPN would offer stock-market exposure to Evernorth and its XRP holdings. This will not give direct XRP ownership, and the share price could trade above or below the value of the company’s tokens.

Final Summary

• The Evernorth merger reportedly passed its shareholder vote, but there is no official result yet.
• The complete deal could bring an actively managed XRP treasury company to Nasdaq under XRPN.