Evernorth moved closer to a Nasdaq listing under the ticker XRPN after the U.S. Securities and Exchange Commission approved its Form S-4 registration statement, clearing the main legal obstacle to its merger with special purpose acquisition company Armada Acquisition Corp. II. Armada’s shareholder vote is set for September 30, 2026, with the combination still expected to close in late third-quarter or early fourth-quarter 2026 if remaining conditions and Nasdaq acceptance are met. The deal is structured to raise more than $1 billion in gross proceeds, backed by SBI Group’s $200 million commitment plus investors including Ripple, Arrington Capital, Pantera Capital, Kraken and GSR; Ripple and Arrington Capital contributed 126.8 million and 211.3 million XRP, respectively, helping establish an initial reserve of about 473 million XRP. Founder and CEO Asheesh Birla is positioning Evernorth as an actively managed XRP treasury across payment gateways, asset tokenization and on-chain lending to raise XRP held per share. Around the milestone, Armada shares closed at $10.55, XRP rose more than 3% toward about $1.46 while trading near $1.42–$1.46, XRP ETFs took in $18.47 million that Thursday for $1.64 billion in total inflows, and a separate report said Goldman Sachs had re-entered XRP ETFs as the largest holder again; technicals showed resistance near $1.46–$1.50 with RSI at 68.82 as open interest fell 2.32%. Volatility has already produced a $233.7 million balance-sheet impairment, and a drop from the $2.36 agreement reference level forced a rewrite tying final share count to XRP’s volume-weighted average price at closing.