XRP Treasury Giant Evernorth Inches Closer to Nasdaq Debut With Bigger Ambitions on the Horizon
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Crypto treasury firm Evernorth Holdings restructured its planned SPAC merger with Armada Acquisition Corp. II to value its XRP treasury using the volume-weighted average price near closing instead of the prior $2.36 peg, with over 95% of committed investors approving the change and private-placement investors subscribed at $10 per share. Backed by Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital and GSR, the adjustment ties share count to XRP market price, boosting potential XRP-per-share and NAV-per-share upside and positioning the company for a Nasdaq listing expected in late Q3 or early Q4 2026 subject to SEC review, enhancing crypto adoption and institutional exposure while managing dilution risk.
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Evernorth Reworks XRP Deal as Nasdaq Debut Nears, Boosting XRP-Per-Share Potential
Evernorth Holdings is revising its planned public-market debut to align its share structure more closely with the value of its XRP treasury at closing.
The XRP-focused treasury firm, which plans to go public through a business combination with Armada Acquisition Corp. II, said investors representing more than 95% of committed capital have approved the revised terms, including all of Evernorth’s advance funders.
Under the original agreement, XRP was valued at $2.36 when determining investors’ share allocations. The amended structure will instead use XRP’s volume-weighted average price closer to the transaction’s closing date.
Why is this change significant? Well, it could affect Evernorth’s eventual share count. Private-placement investors subscribed at $10 per share. Under the revised mechanism, that $10 value remains the anchor, while the amount of XRP represented by each share adjusts with XRP’s market price.
If XRP closes below $2.36, each $10 share could represent more XRP, potentially allowing Evernorth to issue fewer shares. That could increase the amount of XRP backing each share. If XRP is worth more at closing, the opposite would happen.
Evernorth Sets the Stage for Nasdaq Debut as XRP Treasury Strategy Enters Its Next Phase
More importantly, the present development shows that Evernorth’s strategy goes beyond simply accumulating XRP. Its core objective is to grow XRP per share through treasury management, capital allocation and participation in the broader XRP ecosystem.
As a result, XRP-per-share and NAV-per-share will be among the key metrics investors watch once Evernorth begins trading publicly.
The restructuring also applies to Armada II’s sponsor, whose founder shares will be adjusted proportionally alongside the advance-funding investors. The move is designed to distribute the impact of the revised terms more evenly across stakeholders.
Evernorth’s backers include Ripple, SBI Group, Pantera Capital, Kraken, Arrington Capital and GSR, giving the company support from several major players in the digital-asset industry.
The company’s broader thesis remains unchanged of enhancing XRP utility as the top altcoin continues playing an increasingly important role in institutional payments and global settlement as financial markets move toward faster, more programmable infrastructure.
The proposed business combination is expected to close in late Q3 or early Q4 2026, subject to SEC review and customary closing conditions.
If completed, the Nasdaq listing would give public-market investors another route into an XRP-focused treasury strategy.
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