Evernorth received shareholder approval on September 30 for its merger with Armada Acquisition Corp. II, with closing expected on October 7. The $300 million gross-cash figure includes approximately $214 million already deployed for XRP purchases in November 2025. Closing-linked conditional cash sources total roughly $88.5 million: $10.5 million in delayed subscriptions, $30 million in convertible notes and approximately $48 million in trust proceeds. Evernorth expects to hold approximately 473 million XRP at closing, a figure that includes in-kind contributions and does not represent solely new purchases funded by cash. XRP was trading at approximately $1.53 around press time.
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