Debut Pushed Back by Administrative Delay Evernorth, the Ripple-backed XRP treasury firm, has pushed back its planned public market debut after an administrative delay disrupted its original
Evernorth, the Ripple-backed XRP treasury firm, has pushed back its planned public market debut after an administrative delay disrupted its original schedule. The company now expects to complete its merger with Armada Acquisition Corp. II on October 9, with its shares set to begin trading on Nasdaq under the ticker $XRPN on October 12. Both dates remain subject to customary closing conditions and Nasdaq requirements.
The revised timeline replaces the earlier targets of an October 7 closing and an October 8 trading start. Armada II shareholders had approved the business combination with Evernorth at an extraordinary general meeting on September 30, 2026, and the deal had been widely expected to proceed on the original schedule.
The stakes around this listing are significant. At closing, Evernorth is expected to hold approximately 473 million XRP, which would make it the largest publicly traded pure-play XRP treasury company. The transaction is expected to generate about $300 million in gross cash proceeds before expenses, broken down into $225 million from private placements, $30 million in convertible note financing, and roughly $48 million from Armada II's trust account.
Evernorth was incorporated in Nevada in August 2025 as a wholly-owned subsidiary of Ripple Labs, formed as a purpose-built vehicle for investment in XRP through public equity markets. The company launched in October 2025 with the Armada II merger already signed, pitching itself as an alternative to a passive ETF that would seek to grow its XRP per share through lending, market liquidity and DeFi yield.
Evernorth's investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others. The company is led by founder and CEO Asheesh Birla, formerly an executive at Ripple.
The short delay is not expected to affect the broader deal structure. Once the merger closes and trading opens, Evernorth will represent one of the most prominent XRP-focused vehicles available to public market investors.
Sources:Evernorth Holdings Press Release via PR Newswire: Shareholders Approve Evernorth Business CombinationUnchained Crypto: Ripple-Backed XRP Treasury Evernorth Wins Shareholder VoteSEC Filing: Armada Acquisition Corp. II Form DEFM14A
