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

Evernorth’s shareholder vote has advanced its plan to become a publicly traded XRP treasury. Its next round of token buying hinges on cash left at closing: disclosed delayed subscriptions, conditional notes and expected trust proceeds imply roughly $88.5 million in gross sources if all three settle, before expenses and other uses.Evernorth and Armada Acquisition Corp. II, its merger partner, announced on October 1 that shareholders had approved the combination on September 30. They expect closing on October 7, subject to remaining conditions, followed by trading of the combined company’s Class A stock on Nasdaq under XRPN on October 8.That timetable brings the funding question into focus. The company’s approximately $300 million gross-cash figure includes a private placement program whose advance funding had already supported a roughly $214 million XRP purchase reported in November 2025. Cash already converted into tokens cannot finance the next acquisition a second time.XRP was about $1.53 on CryptoSlate’s market page around press time.Cash raised and cash still to settleThe October 1 announcement lists $225 million from related private placements, $30 million of incremental conve...