XRP just witnessed a massive supply event today with 1 billion tokens being unlocked from Ripple’s escrow. However, analyst CrediBULL Crypto remains confident that XRP price will experience one of the best rallies of the current cycle. Even though the analyst is advising that the token might return to $1.25, it could go as high
Evernorth’s merger with Armada Acquisition Corp. II won shareholder approval on Wednesday, putting its 473 million XRP treasury on course for a Nasdaq listing.
The vote passed with about 20.5 million shares in favor and 1.4 million against, according to Armada II’s filing on Thursday. It came five weeks after the SEC declared Evernorth’s registration statement effective on August 27.
Evernorth expects the deal to close on October 7. The company’s shares should start trading the next day under XRPN, the ticker the SPAC already uses.
Over $1 Billion Raised
The firm said the deal and its private placements have raised more than $1 billion, the total it first put on the merger in October 2025. Investors contributed part of that total as XRP, which the release does not value in dollars.
Evernorth’s release puts about $300 million of the total in gross cash. Private placements supply $225 million of that cash. Another $30 million comes from convertible notes the company agreed to sell in September.
Advance funding investors provided $214 million of the private placement money, according to the proxy statement. Evernorth spent it in late 2025 on 84.4 million XRP, at an average of $2.54 per token. Those tokens are already part of its holdings.
The SPAC’s trust adds about $48 million of cash. That trust held about $241.9 million on the August 20 record date. Public shareholders could redeem their shares from the trust at an estimated $10.52 each until September 28. Neither Thursday’s release nor the vote filing says how many shareholders did.
RippleWorks supplied the largest block of Evernorth’s XRP, 211.3 million tokens, by investing them in the SPAC’s sponsor, Arrington XRP Capital Fund. The sponsor must exchange those tokens for Evernorth shares at closing. It has agreed to vote the shares as RippleWorks directs. Ripple co-founder and Executive Chairman Chris Larsen co-founded RippleWorks and sits on its board.
Ripple itself contributed 126.8 million XRP when the merger agreement was signed. A further 50 million comes from the Larsen Lam Children’s Remainder Trust.
Books Carry XRP Below Cost
Evernorth Holdings’ financial statements in the proxy put the cost of 346.3 million of its XRP at $846.6 million. By June 30, 2026, the company carried those tokens at $348.8 million. It recorded impairment charges of $233.7 million in 2025 and $264.1 million in the first half of 2026.
Evernorth books XRP at cost and writes it down to the lowest intraday price seen since it acquired each lot. The written-down value is not adjusted upward when the price recovers.
Evernorth has overcome a major obstacle in its proposed merger with Armada Acquisition Corp. II with the approval of the merger at its extraordinary general meeting on September 30. The result moves the proposal of Evernorth’s XRP treasury forward to be a repository for approximately 473 million XRP once it’s completed. Ad Ad XRP Treasury
In major XRP news today, the XRP Ledger has reached a new milestone in AI agentic payments settled through the x402 protocol. The milestone came less than three months after the XRPL first cleared 1 million. Ad Ad XRP Ledger Crosses 10 Million in x402 AI Payments Ripple-backed AI agentic payments trust layer platform t54
Ripple and CSD BR will employ the XRP Ledger to reflect ownership data for Brazilian investment funds.
This initiative begins with BTG Pactual fund shares and might expand to include native issuance as well as other securities.
Brazil is integrating public blockchain technology into regulated financial infrastructure through a cooperation with Ripple and CSD BR. On September 29, CSD BR announced this initiative, which involves BTG Pactual investment fund shares. The operator has over BRL 22 trillion worth of assets registered. The XRP Ledger will reflect ownership data but will not substitute official records of CSD BR. CSD BR stated that the initiative marks the first use of public blockchain technology by the central securities depository for ownership mirroring. The operator has permission from Brazil’s Central Bank and CVM.
Tokenized Shares Will Be Subject to Institutional Controls
The shares issued by the fund will be based on the multi-purpose token standard of the XRP Ledger used by Ripple and CSD BR. The multi-purpose token standard allows for the setup of rules regarding financial assets and includes restrictions for approved participants as well as asset recovery processes. Corporate and banking institutions need to go through the verification process and anti-money laundering processes prior to gaining entry to the platform. CSD BR will control token issuance, participant approval, administration, and asset freezing. It will also manage clawbacks when regulatory or judicial action requires asset recovery. The blockchain infrastructure will be provided by Ripple together with the custody system.
Project May Be Expanding Beyond Brazilian Securities
This project can go further from simple record mirroring depending on whether the project meets its objectives at this stage. In subsequent stages, there may be the issuance of native financial instruments within the XRP ledger. Tokenized instruments would then be traded through the blockchain network by approved participants. These may include Real Estate Receivables Certificates which are known as CRIs and Agribusiness Receivables Certificates that are called CRAs.
These are Brazilian fixed income securities which are backed by sector-specific receivables. Other tokenization activities in Brazil already have projects that are being undertaken by VERT and Mercado Bitcoin. For instance, VERT created a private credit platform which is based on XRPL, and it holds a BRL 700 million agribusiness receivables certificate. On the other hand, Mercado Bitcoin planned to tokenize more than $200 million worth of real-world assets.
Login
