There’s about to be another “XRP concept stock” in the US market— the first actively managed XRP treasury company is voting to push into Nasdaq.
Armada Acquisition Corp. II’s shareholders held a special meeting today (noon Eastern time on Sept. 30) to vote on the merger deal with Evernorth. If it goes through, the combined company will list on Nasdaq under the ticker XRPN.
Let’s put the numbers up front: Evernorth holds about 473 million XRP, including roughly 127 million XRP directly injected by Ripple. Behind it are institutional commitments of over $1 billion, with Ripple, SBI, and Pantera all appearing on the shareholder roster.
Unlike ETFs that passively track prices, Evernorth’s approach is active management—lending, market making, and participating in ecosystem building, aiming to continuously increase the “XRP per share” figure. Plainly put: you’re buying the company’s operating capability, not just exposure to the coin’s price.
My take: DAT treasury companies are one of the hottest crypto narratives in US stocks this year, and it’s finally getting its own version. In the short term, don’t expect to buy XRP on the day of the vote—the vote itself won’t trigger purchases. The real significance is that compliant capital gains another route: traditional investors who don’t want to directly touch the coin can indirectly allocate to XRP through this stock in the future. But let’s be clear about the risks: after the SPAC merger, there are still hurdles like redemptions and listing requirements. Whether the deal can be cleanly completed in Q4 remains uncertain. Don’t treat “currently voting” as “already listed” for trading purposes.
Data as of: 2026-09-30 16:00 UTC
Source: U.Today; BSCN (curation/remix)
For information sharing only and does not constitute investment advice.
I’ll keep tracking updates like this—follow me so you don’t get lost.
Armada Acquisition Corp. II’s shareholders held a special meeting today (noon Eastern time on Sept. 30) to vote on the merger deal with Evernorth. If it goes through, the combined company will list on Nasdaq under the ticker XRPN.
Let’s put the numbers up front: Evernorth holds about 473 million XRP, including roughly 127 million XRP directly injected by Ripple. Behind it are institutional commitments of over $1 billion, with Ripple, SBI, and Pantera all appearing on the shareholder roster.
Unlike ETFs that passively track prices, Evernorth’s approach is active management—lending, market making, and participating in ecosystem building, aiming to continuously increase the “XRP per share” figure. Plainly put: you’re buying the company’s operating capability, not just exposure to the coin’s price.
My take: DAT treasury companies are one of the hottest crypto narratives in US stocks this year, and it’s finally getting its own version. In the short term, don’t expect to buy XRP on the day of the vote—the vote itself won’t trigger purchases. The real significance is that compliant capital gains another route: traditional investors who don’t want to directly touch the coin can indirectly allocate to XRP through this stock in the future. But let’s be clear about the risks: after the SPAC merger, there are still hurdles like redemptions and listing requirements. Whether the deal can be cleanly completed in Q4 remains uncertain. Don’t treat “currently voting” as “already listed” for trading purposes.
Data as of: 2026-09-30 16:00 UTC
Source: U.Today; BSCN (curation/remix)
For information sharing only and does not constitute investment advice.
I’ll keep tracking updates like this—follow me so you don’t get lost.
