**Evernorth Holdings** is expected to hold approximately 473 million XRP, making it likely the largest publicly traded company with a treasury entirely concentrated in XRP. However, the company has pushed back its planned Nasdaq listing to October 12 due to administrative delays.

Key Points

  • The business combination of Evernorth and special purpose acquisition company (SPAC) Armada Acquisition Corp. II is expected to close around October 9

  • The Class A common stock is expected to begin trading on Nasdaq around October 12 under the ticker symbol XRPN

  • The company cited “administrative reasons” and said it does not expect the delay to affect the transaction’s closing

Nasdaq Listing Schedule Adjusted Due to Administrative Delay

San Francisco-based Evernorth disclosed the revised schedule in an 8-K filing with the U.S. Securities and Exchange Commission (SEC) on October 6. The filing was signed by CEO **Asheesh Birla**.

According to the filing, the business combination with special purpose acquisition company (SPAC) Armada Acquisition Corp. II is expected to close around October 9, subject to customary closing conditions. The combined company’s common stock is then scheduled to begin trading on Nasdaq under the ticker XRPN around October 12.

Evernorth had initially planned to close the deal on October 7 and begin trading the following day. Armada II shareholders had already approved the merger on September 30. Evernorth described the reason for the schedule change only as “an administrative delay that is not expected to affect closing,” and specified that the terms of the transaction had not changed.

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XRP Treasury Structure

Once the transaction is completed, Evernorth will hold approximately 473 million XRP as treasury assets. The company says this could make it “the largest publicly traded company by market capitalization focused exclusively on XRP.”

The deal is expected to bring in approximately $300 million in total cash, including $225 million from a private placement, $30 million in convertible notes, and approximately $48 million from Armada II’s trust account. Investors and sponsors include Ripple, SBI Group, Pantera Capital, Kraken, GSR, and Arrington Capital.

Armada II shares, which already trade under the ticker XRPN, had rallied on merger optimism before pulling back sharply on October 6. According to CoinCodex, the shares fell 50.32% that day, closing at $19.20. It is important to note that the current price still reflects the pre-merger “shell” SPAC value, not Evernorth’s post-merger value.

Market analysts have also noted that Evernorth’s Nasdaq listing alone will not directly increase spot demand for XRP, since investors and partners have already supplied a substantial amount of XRP to fund its treasury ahead of the listing.

Instead, CEO Birla is positioning Evernorth shares as another way to gain exposure to XRP. In a statement issued on October 1, he said the listing would “provide investors with a new option to hold XRP exposure within a regulated framework and with transparency.”

XRP Price Enters a Period of Heightened Volatility

Evernorth’s listing comes as XRP itself is experiencing heightened volatility. XRP closed the third quarter up more than 40% from the start of the quarter, but later turned lower amid a broader crypto sell-off. As of October 8, it continued to decline, falling from $1.53 to around $1.39.

Pseudonymous analyst EGRAG Crypto said XRP would need to reclaim the $1.55–$1.60 range to reverse its short-term downtrend. He identified $1.37 as a technical support level that could be retested.

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