SEC Approves Evernorth-Armada Merger as XRP-Based Treasury Moves Toward NASDAQ Debut

The SEC has approved a merger between Evernorth, an XRP-focused treasury company, and Armada Acquisition Corp. II, with shareholders voting overwhelmingly in favor at a 94% approval rate during a September 30 meeting. The transaction involves transferring 473 million XRP to a repository and will result in a new entity trading under the XRPN ticker on NASDAQ, potentially by year-end. This approval marks a major milestone for the first significant institutional XRP treasury to enter public markets.

The merger between Evernorth and Armada Acquisition Corp. II represents a significant institutional move for digital asset management. The transaction consolidates 473 million XRP into a dedicated repository structure, establishing a publicly traded vehicle designed specifically for institutional-grade cryptocurrency treasury management. The September 30 shareholder vote demonstrated substantial backing, with over 20 million shares supporting the combination against minimal opposition.

The path to public markets follows months of regulatory preparation, including SEC registration statement effectiveness in late August. The combined entity will operate under ticker symbol XRPN on NASDAQ, marking an inflection point for how major cryptocurrency holdings enter traditional securities markets. Completion is anticipated within the current calendar year pending final regulatory clearances.