Evernorth Brings 473 Million XRP to the Nasdaq: Stock or Coin?

The shareholders of Armada Acquisition Corp. II approved the merger with Evernorth Holdings on September 30, 2026. That moves a company to the Nasdaq whose balance sheet consists in essence of around 473 million XRP. Evernorth itself names October 7 as the day of closing and October 8 as the first trading day under the ticker XRPN. For investors in Germany this is not a price story but a fork in the road. Anyone who wants XRP exposure has two options from October 8, each with very different rules: the share of a US company or the coin itself. In tax terms the two routes lie several thousand euros apart once the stake is large enough. This article sets out what was actually decided on September 30, what remains open and which questions you should settle for yourself before trading starts. Armada Acquisition Corp. II is a listed acquisition vehicle, known in the trade as a SPAC. A SPAC is a company with no business of its own that raises money on the stock market in order to take over another company later and bring it to the exchange. Armada II was founded on October 3, 2024 and backed by the Arrington XRP Capital Fund; the chairman is Michael Arrington, the chief executive Taryn Na...