Ripple-backed Evernorth Holdings is set to become the largest publicly traded pure-play XRP treasury company after Armada Acquisition Corp. II shareholders approved their proposed business combination. The transaction is expected to close Oct. 7, with Nasdaq trading under the XRPN ticker expected to begin Oct. 8, subject to remaining closing requirements. Evernorth expects about $300 million in gross cash proceeds before expenses, comprising $225 million from related private placements, $30 million in incremental convertible note financing and roughly $48 million from trust proceeds. Investors have also contributed XRP, and the company expects to hold about 473 million XRP at closing, valued at $705 million at current market prices. Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR are among its investors. Evernorth said the listing will offer regulated and liquid exposure to XRP and plans to increase its XRP per-share holdings through yield strategies, XRP ecosystem participation and capital markets activities.