Evernorth Wins 94% Shareholder Vote for 473M XRP Treasury Merger, Targets Nasdaq

94% approval. One extraordinary general meeting. A Ripple-backed company now on track to become the largest XRP treasury in existence.

Evernorth cleared its most significant hurdle on September 30, when shareholders voted overwhelmingly in favor of its proposed merger with Armada Acquisition Corp. II. The deal, once completed, will position Evernorth on Nasdaq with approximately 473 million XRP held in reserve, a figure that would dwarf any comparable institutional XRP position currently on the books.

The shareholder vote margin leaves little ambiguity about internal conviction. At 94%, opposition was minimal. The next steps involve finalizing the merger structure and securing Nasdaq listing approval, neither of which is guaranteed, but the vote removes the most uncertain variable from the equation. For a deal that requires both traditional finance infrastructure and crypto-native credibility, getting shareholders aligned this decisively matters.

The 473 million XRP figure is the number worth anchoring on. XRP's circulating supply sits at roughly 57 billion tokens, meaning Evernorth's treasury would represent under 1% of supply outright. But institutional treasury plays are rarely about raw percentage of supply. The signal they send is the point. MicroStrategy's early Bitcoin accumulation did not corner the BTC market, but it reframed how corporate balance sheets could interact with digital assets. A Ripple-backed entity listing on Nasdaq with a nine-figure XRP reserve makes a similar statement: that XRP belongs in the same institutional conversation as BTC and ETH.

Parallels to Grayscale's Bitcoin Trust are worth drawing carefully. Grayscale's GBTC created a regulated, publicly accessible wrapper for Bitcoin exposure before spot ETFs existed. Evernorth is not structuring a fund product in the same way, but the underlying logic is similar: bring a digital asset into a venue, Nasdaq, where institutional allocators are already operating, and reduce the friction of exposure. The difference is timing. XRP arrives at this moment with more regulatory baggage than Bitcoin did in GBTC's early years, given Ripple's protracted legal history with the SEC. That history is largely resolved, but it is not entirely forgotten, and a Nasdaq-listed XRP treasury company will almost certainly draw scrutiny from regulators who remain watchful of anything Ripple-adjacent.

The concentration risk is real and worth naming plainly. A single entity controlling 473 million XRP introduces a potential overhang. If Evernorth ever moved to liquidate a significant portion of that position, the market would feel it. Treasury companies of this type typically operate with long-horizon mandates and no intention of selling, but markets price in tail risks regardless. XRP holders should watch the terms of any lock-up or disposal restrictions that emerge from the final merger documentation.

None of that changes the directional significance of what happened on September 30. A 94% shareholder vote is not a close call. Evernorth's Nasdaq debut, assuming it clears remaining regulatory steps, would mark the first time a Ripple-backed entity trades on a major U.S. exchange with XRP as its core treasury asset. For institutional allocators who have watched XRP from the sidelines through years of litigation and regulatory fog, a publicly listed, auditable vehicle changes the calculus. Whether that translates into meaningful capital inflows depends on execution, but the structural foundation now exists.

The broader market implication is straightforward: institutional treasury accumulation of altcoins is no longer a Bitcoin-only story. Evernorth is building the XRP version of a playbook that MicroStrategy wrote for BTC, with Nasdaq as the stage and 473 million tokens as the opening position.