Armada Acquisition Corp. II shareholders vote September 30 on a merger with Evernorth Holdings that would create the largest Nasdaq-listed XRP treasury under ticker XRPN, with a redemption deadline for cash exits expiring September 28.
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Armada shareholders vote Sept. 30 on Evernorth's 473M XRP treasury merger
A shell company holding no operating business faces a vote that could turn it into the world's largest listed XRP treasury. Armada Acquisition Corp. II shareholders decide September 30 whether to merge with Evernorth Holdings, a digital asset treasury firm that reported roughly 473 million XRP on its balance sheet as of December 31, 2025.
The definitive proxy statement sets a September 28 redemption deadline at 5:00 p.m. Eastern Time, two business days before the meeting. Armada shareholders can hand back their shares for a pro rata share of the trust account regardless of how they vote, with shares required to be delivered to the transfer agent by that time, physically or electronically through the US depository DTC.
Evernorth Holdings and its subsidiary Pathfinder Digital Assets held 473.1 million XRP as of the reporting date, according to the S-4 filing. Ripple contributed 126.8 million tokens to Pathfinder, Arrington Capital provided 211.3 million through a financing round, and the company bought 84.4 million XRP on the open market for $214.1 million — an average of $2.54 per token against a market price near $1.45 on the reporting date. That gap produced a $233.7 million impairment of digital assets for 2025, an accounting write-down to the lower market value rather than a realized loss.
The SEC declared Evernorth's Form S-4 registration statement effective August 27, a disclosure milestone that clears the shareholder vote without endorsing the deal's economics. The company plans to deploy Ripple's stablecoin RLUSD in XRP-adjacent DeFi, including RLUSD/XRP liquidity pools and lending protocols, according to the listing documents. Evernorth is led by Asheesh Birla, a former Ripple senior executive, with Stuart Alderoty, Ripple's chief legal officer, on the supervisory body. The investor circle includes Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR.
What the vote means for XRP holders
For XRP holders, September 30 changes nothing technically — there is no fork, migration or wallet deadline. The process is a capital markets event on the equity side. But a listed vehicle of this size shifts part of the demand for XRP exposure out of crypto trading and into equity markets, where institutional portfolios barred from direct token custody can participate.
Three outcomes are possible. Approval may fail, leaving trust money with the shell's shareholders. Approval may pass but redemptions could undershoot a minimum cash requirement, a customary closing condition that can prevent completion or trigger renegotiation. Or Nasdaq admission questions could delay the closing, which the company expects in late third to early fourth quarter of 2026.
Treasury stocks can trade below net asset value for extended periods when investors discount expense ratios, dilution or management decisions — a pattern documented in bitcoin treasury stocks. The XRP vehicle carries the same structural risk, amplified by holdings accumulated above the current market price.
This article is for informational purposes only and does not constitute investment advice.
