Investors expecting the debut of the first regulated vehicle with pure exposure to XRP this Thursday will have to wait. Trading in shares of Evernorth under the ticker XRPN on Nasdaq has officially been postponed to Monday, October 12, 2026.
The official notice appeared on the project's site overnight on October 7. The schedule change was attributed to a technical administrative delay. The company's management separately emphasized that the incident would not affect the final closing of the deal.
There are no fundamental barriers to completing the transaction. The key legal step was completed on September 30, when shareholders of Armada Acquisition Corp. II unanimously approved the merger, as shown in the corresponding Form 8-K filed with the SEC.
Under the updated legal schedule, the finalization process is divided into two stages: the transaction with the SPAC company will legally close on Friday, October 9, and trading in XRPN shares on Nasdaq will officially begin at the start of the session on Monday, October 12.
What's at stake? The largest XRP fund in history
For XRP holders, this listing is a significant precedent. By the time it reaches the exchange, Evernorth is seeking to become the world's largest publicly traded corporate treasury focused on the Ripple ecosystem. The company's current financial structure includes approximately 473 million XRP tokens in its strategic treasury and about $300 million in cash from the transaction.
Including the total financial commitments from institutional investors such as Ripple, Pantera Capital, and Kraken, the deal exceeds $1 billion. The instrument is designed to give stock market investors regulated access to XRP's performance without requiring them to manage digital assets directly.
The four-day schedule shift has not caused volatility on cryptocurrency exchanges. According to price data, XRP's morning decline of less than 2% is fully in line with the broader local correction across the cryptocurrency sector this week.
Since Evernorth's treasury reserves were formed well before the current events, the listing delay has no technical impact on the asset's spot liquidity. The actual level of institutional demand for the new stock market instrument will become clear on Monday, October 12, after the New York trading session opens.
