Evernorth's XRP Treasury of 473,276,430 Tokens Nears Nasdaq Debut

Shareholder Vote Puts XRPN on Nasdaq Path

The XRP price has drifted near $1.49, but the holder-facing change of the session sits in the equity market: Ripple-backed Evernorth is one shareholder vote away from becoming a Nasdaq-listed company that will trade as XRPN, handing public-market investors indirect access to a corporate XRP treasury. Under the merger with the SPAC Armada Acquisition Corp. II, the advance proxy voting portal has closed, and shareholders convened a live extraordinary meeting to deliver final approval on the deal. The company's filing with the SEC states that Evernorth has purchased, or committed to purchase, 473,276,430 XRP, building on a $214 million acquisition completed late in 2025. That stockpile ranks among the largest publicly disclosed corporate XRP positions and sits at the core of the planned public structure. The template borrows from the corporate Bitcoin treasury playbook Strategy popularized through equity and debt issuance, but Evernorth sets a different objective: rather than parking tokens on a passive balance sheet, it plans to deploy holdings across XRP ecosystem infrastructure and on-chain finance, and it measures success partly through XRP exposure per share, a metric it wants to grow over time. Ahead of the listing process, the company also restructured the agreement so shareholder economics track the treasury's value more closely, an attempt to narrow the gap between its market valuation and the tokens it holds. A $30 million convertible note stands ready as additional capital earmarked for further XRP purchases, though access depends on the SPAC transaction closing. For investors who would rather hold the token itself, the usual exchange route is unchanged, and our guide to where to buy XRP lays out the direct path.

Institutional Backing and Derivatives Positioning

Evernorth's investor roster gives the deal its institutional weight: the treasury is backed by over $1 billion in confirmed commitments, with SBI Holdings and Arrington Capital among the participants, and the SEC's Form S-4 filings point to closing in the fourth quarter of 2026. Fund-flow data shows XRP-based products took in a net $1.55 million on the day, the only category to finish positive while Bitcoin and Ethereum funds saw outflows. Sentiment among larger players sits in greed territory, a zone where FOMO typically does the buying, which keeps inflows concentrated in fewer names. The token itself recently bounced from $1.47 support after a 9.7% slide from its weekly high. Derivatives positioning is the sharper watch item: liquidity data shows roughly $197.80 million in leveraged positions were forcibly closed across 67,756 traders in the past 24 hours, with longs absorbing $125.61 million against $72.20 million for shorts, according to liquidation data. For XRP specifically, a $159 million cluster of short liquidations stacks in the $1.50–$1.553 range, just above spot, so a modest push higher would cascade against sellers. Traders expressing that squeeze through contract trading face standard cascade mechanics. Supply adds a scheduled wrinkle: on October 1, 1 billion XRP is due to leave escrow, the standard calendar mechanism running since 2017. The vaults stand at 31.98 billion XRP, and most released volume historically returns to escrow, leaving a net market inflow of roughly 200–300 million tokens. That rules out a supply shock, but with XRPN's debut pending, the same window concentrates derivatives attention. Ripple's ecosystem work continues in parallel: the company is tokenizing BTG Pactual fund units with Brazil's CSD BR, which oversees $4 trillion in assets, and mirroring them on the XRP Ledger as it mirrors Brazil's asset registry.

Q4 2026 Closing in Focus

An update has landed on the vote itself: the shareholder meeting has reportedly approved the Evernorth merger. The result was attributed to Bear Champ, an XRPL collaborator who said on X that he listened in on the Armada/Evernorth meeting and that the vote passed. XRP moved above $1.50 as word circulated, trading near $1.51 with a gain of roughly 1.89% after dipping below $1.47 earlier in the Sep. 30 session, a stretch that also included a push toward $1.55 and a later touch near $1.54. Under the disclosed transaction terms, approval lets the combination proceed toward closing, with the proposed company expected to trade on Nasdaq as XRPN once remaining closing and listing conditions are satisfied.

A timeline has followed the vote: Evernorth's official update puts the merger closing on October 7, with Nasdaq trading under XRPN expected to begin on October 8, pending final conditions and the exchange's approval. The prospectus also shows the stack is already underwater relative to deal pricing: filings from the October 2025 signing valued Ripple's 126.8 million XRP contribution at about $2.37 per coin, which would put 473 million XRP near $1.1 billion, against roughly $705 million at the current $1.49 price, a 37% shortfall. Most of the holdings were not bought on the open market, as Ripple and a related party delivered about 388 million XRP in exchange for shares, and the combination brings about $300 million in cash before expenses, part of it earmarked for additional XRP purchases. The stack represents about 0.75% of XRP's 63.1 billion circulating supply.

Vote counts from Armada's Oct. 1 SEC filing put the Evernorth Business Combination Proposal at 19,331,337 votes in favor against 1,362,081 opposed, with 930 abstentions, and the separate Merger Proposal drew 20,514,597 approvals. Shareholders also backed the SPAC's redomiciliation from the Cayman Islands to Delaware plus two advisory measures, while closing and Nasdaq conditions stay outstanding. Against that backdrop, XRP slipped to $1.4784 on the Oct. 1 daily chart, about 0.78% lower after a $1.4744 to $1.5103 range, still holding above the rising 20-day average at $1.447. Ali Charts is watching $1.54 for an hourly close to confirm a symmetrical triangle breakout, with a roughly 10% move toward $1.70 if it triggers, while CoinGlass's heatmap places liquidation bands near $1.46 below and around $1.56–$1.60 above.

Further detail from the company's announcement fills in the funding picture behind the vote. The transaction is expected to generate roughly $300 million in gross cash proceeds, composed of $225 million from private placements, about $48 million in trust proceeds and the $30 million convertible note financing, before expenses, and the company said 100% of its committed funders are participating. Evernorth founder and CEO Asheesh Birla framed the listing as a regulated, transparent route to XRP exposure, and the backer roster now names Pantera Capital, Kraken and GSR alongside the previously reported SBI Group and Arrington Capital. The firm initially unveiled the plan around a $685 million XRP stash, cleared SEC review when its registration statement took effect in late August, and expects to hold about 473 million XRP at closing, which it bills as the largest publicly traded pure-play XRP treasury.

(as of 20:30 UTC) In our reading, both threads converge on a single point: XRP is entering its corporate-treasury era on the issuer's own disclosures. Evernorth's filing states the reserves were provided directly by Ripple, and the $1 billion in backing comes from named institutions, which separates this vehicle from speculative proxies; the underlying ticker stays XRP, and the issuer's documents, not market chatter, define what shareholders actually get. The listing, the convertible note and the escrow release all land inside the same quarter, so the Q4 2026 closing date is the pivot. With the last print at $1.49 and the nearest liquidation cluster sitting at $1.50–$1.553, that band is where COINOTAG sees the listing week decided. Readers tracking the beat can follow our XRP news hub.