Ripple-backed digital asset treasury company Evernorth is moving toward a shareholder vote on Sept. 30 that could turn its more than 473 million XRP treasury into a Nasdaq-listed public company under the ticker XRPN, just as XRP absorbs a sharp regulatory-driven selloff.
Armada Acquisition Corp. II shareholders are scheduled to vote on the proposed business combination on Sept. 30. If approved and closing and listing conditions are met, the combined company expects to trade on Nasdaq under the symbol XRPN. The SEC has already declared Evernorth's Form S-4 registration statement effective, clearing a key regulatory step.
Evernorth said its XRP purchases and committed contributions have surpassed 473.3 million XRP, including an additional acquisition of about 84.4 million tokens for $214 million. Those tokens have already been acquired or committed, rather than representing a new purchase tied to the Nasdaq deal. The company positions itself differently from a spot XRP ETF: it intends to increase XRP per share over time through yield generation, participation in the XRP ecosystem and capital-markets activity. Backers include Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.
The listing catalyst is developing as XRP has faced renewed pressure. The token fell more than 8% after the U.S. Senate blocked an effort to advance the Digital Asset Market Clarity Act. The 49-50 vote failed to invoke cloture on a motion to proceed to H.R. 3633, denying the bill enough support to reach Senate debate and removing a near-term path to a federal market-structure framework. XRP dropped as low as $1.27 before recovering to about $1.29, extending a decline from around $1.42 on Sept. 14.
Ripple CEO Brad Garlinghouse said the result “stings,” but argued it does not change Ripple's commercial trajectory, pointing to demand across traditional finance and digital assets. Chief Legal Officer Stuart Alderoty said XRP remains on settled ground after a March SEC and CFTC action identified XRP among 18 digital commodities. That interpretation remains in effect, although it is less durable than statute and can be refined by regulators.
Institutional demand remains substantial despite the selloff. U.S. spot XRP ETFs had attracted about $1.71 billion in cumulative net inflows through Sept. 14 and held roughly $1.58 billion in net assets, behind only Bitcoin and Ether among major single-asset spot crypto ETFs and ahead of Solana. The next test is whether that demand holds after the Senate setback and whether regulators can turn the March interpretation into a more durable framework.
