Evernorth Holdings, the Ripple-backed XRP treasury company, has lined up $30 million in new financing as it heads toward a September 30 shareholder vote on its merger with Armada Acquisition Corp. II, the last major hurdle before a planned Nasdaq listing under the ticker XRPN. Approval would clear the way for the largest publicly traded XRP treasury company to begin trading, with the deal expected to close in late September or October.
What Evernorth actually holds
Evernorth is not a passive wrapper. The company already holds 388 million XRP bought at an average price of $2.44, which makes it the largest institutional XRP holder on record. Ripple itself contributed more than 126 million XRP in a private placement priced at $2.36609, and cash subscribers added $214.05 million plus 600,000 tokens during the raise, which brought in over $1 billion in gross proceeds.
The investor list reads like a cross-section of institutional crypto: Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Asheesh Birla, the founder and chief executive, spent more than a decade running Ripple’s payments business before leaving to build the treasury vehicle.
Active management, not buy and hold
Where most digital asset treasury companies copied Strategy’s bitcoin playbook, buying and sitting, Evernorth says it will put capital to work inside the XRP economy. The plan includes institutional lending, liquidity provisioning, DeFi participation, operating XRP validators and using Ripple’s RLUSD stablecoin as an on-ramp into XRP-based decentralized finance. The stated goal is to grow the amount of XRP backing each share over time.
“We plan to enter public markets as blockchain utility continues to grow, and we believe institutional finance will increasingly be built on-chain,” Birla said when the registration statement went effective in late August.
The pitch is aimed at pension funds, endowments and asset managers that cannot hold tokens directly. A Nasdaq listing gives them exposure through an ordinary brokerage account, with the reporting and governance obligations of a public company attached.
A long road to the vote
The timeline has been slow but steady. Evernorth first announced plans to go public in October 2025 through a merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company. The company filed its Form S-4 with the SEC on March 18, the same day the SEC and CFTC jointly released a token taxonomy that named XRP a digital commodity and not a security, removing regulatory ambiguity that had hung over XRP since the SEC’s 2020 lawsuit against Ripple.
The SEC declared the registration effective on August 27. That let Armada set a record date of August 20 for shareholders and schedule the special meeting for September 30. Armada raised money from public investors as a shell company with the sole purpose of acquiring a private business, a route that skips the traditional IPO process but still requires shareholder approval and standard closing conditions.
If shareholders approve, the combined company lists as XRPN and Evernorth’s management takes over an actively traded treasury rather than a static one. The company has also added new board members and senior executives in recent months as it prepared for public company status.
The risk the market keeps pointing at
Treasury companies trade at a premium or discount to the value of their token reserves, and that spread decides whether they can raise more money by issuing shares. Several bitcoin treasury firms have spent recent months trading below the value of their own holdings, which shuts off the equity issuance engine their accumulation model depends on. When the discount opens, buying more tokens with newly issued stock stops making economic sense, and the strategy stalls.
Evernorth’s answer is the active management strategy, since yield from lending and liquidity provision does not rely on the premium staying open. Whether public market investors pay up for that approach is the open question. The company has not detailed exactly how the XRP-per-share growth mechanics will work in practice, and the CoinDesk review of the announcement noted the absence of specifics.
XRP itself traded near $1.42 in recent sessions, up more than 27 percent on the week at one point but still well below the $2.44 average cost of Evernorth’s existing stack, so the treasury is underwater on its core holding at current prices. The $30 million in new financing gives the company runway through the vote and the closing window, but it is small next to the $1 billion raised last year.
Why the vote matters beyond one company
The Sept 30 vote is binary and public. If it passes, XRP gets its first large actively managed treasury vehicle on a US exchange within weeks, and institutional money that wanted XRP exposure without custody headaches gets a listed option. Ripple’s backing also means the company will be one of the largest single holders of a token whose supply Ripple still substantially controls, a governance question public market investors have not had to price before.
If the vote fails, the company holds its tokens privately and the listing effort likely resets. Either way, the outcome lands ten days from now, and XRP’s market has been trading on the expectation. The stock ticker XRPN would join a short list of single-token treasury companies on US exchanges, a structure that has produced both large premiums and deep discounts depending on sentiment and access to capital.
For now the financing is in place, the paperwork is effective and the vote is scheduled. The only thing left is the count.