Evernorth Completes SPAC Merger With Armada Acquisition Corp. II, XRP Treasury Firm to Trade as XRPN on Nasdaq

This is a notable test of whether single-asset treasury vehicles can win public-market listings beyond bitcoin, with Ripple's backing giving Evernorth a distribution advantage most XRP holders lack. A Nasdaq listing also hands traditional equity investors a regulated route to XRP exposure, which cuts both ways: it can broaden the holder base while tying the stock's fate tightly to one token's volatility. Whether the vehicle attracts sustained institutional interest, and how its shares trade relative to the underlying XRP, is the open question.