Evernorth Holdings completed its business combination with Armada Acquisition Corp. II, taking the digital asset treasury company public with approximately $300 million in gross cash proceeds and approximately 473 million XRP.
Evernorth’s common stock is expected to begin trading on Nasdaq on October 12, 2026, under the ticker XRPN.
Armada Acquisition Corp. II was sponsored by Arrington XRP Capital Fund.
Evernorth is building an actively managed XRP treasury designed to give public-market investors exposure to the XRP ecosystem through a regulated and liquid structure.
The company plans to deploy capital across XRP-related infrastructure, decentralized finance, and other ecosystem opportunities.
Its strategy is designed to increase XRP holdings per share over time through yield strategies, ecosystem participation, and capital markets activities.
Investors supporting Evernorth include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, GSR, and others.
Evernorth expects tokenized assets, on-chain credit markets, and blockchain settlement infrastructure to require increasing amounts of institutional capital as the market matures.
The company plans to provide that capital while operating under the governance, disclosure, and reporting standards required of a Nasdaq-listed company.
Evernorth expects to ring the Nasdaq closing bell on October 14.
Citigroup served as sole private placement agent and is acting as a capital markets advisor to Evernorth.
KEY QUOTES:
“Our goal was to create something unique: an actively managed XRP treasury purpose-built to support the growth of the ecosystem with the transparency and governance that public markets demand.”
“We’ll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP’s utility, and pursuing strategies designed to grow XRP per share over time.”
Asheesh Birla, Founder and CEO of Evernorth
“Our support for Evernorth is a natural extension of that thesis. It brings scaled capital, active participation and the standards of a public company.”
Michael Arrington, Founder of Arrington Capital
