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Evernorth’s Nasdaq XRP treasury is approved, but its real buying power isn’t the $300 million expected

Roughly $88.5 million in closing-linked gross sources remains conditional, with expenses and spending choices deciding additional XRP demand.

Liam 'Akiba' WrightCryptoSlate · October 2, 2026 · 16h ago

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Key points

  • Evernorth and Armada Acquisition Corp. II said shareholders approved their combination on September 30, with closing expected October 7 and Nasdaq trading under XRPN on October 8.
  • CryptoSlate notes the roughly $300 million gross-cash headline includes advance subscriptions already used for a reported ~$214 million XRP purchase disclosed in November 2025.
  • Identifiable closing-linked sources — $10.5 million delayed subscriptions, $30 million conditional notes and ~$48 million trust proceeds — total about $88.5 million before expenses.

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