Evernorth Completes XRP Treasury Merger, Sets Nasdaq Debut Under XRPN

In Brief:

XRP treasury company Evernorth has secured approximately $300 million in gross cash proceeds through its completed merger with Armada Acquisition Corp. II. The transaction also brings approximately 473 million XRP under Evernorth’s treasury strategy, establishing its position as a publicly traded digital asset company.

According to the company’s October 9 announcement, Evernorth expects its shares to begin trading on Nasdaq under XRPN on October 12. The merger follows shareholder approval on September 30 and concludes a business combination first announced in October 2025.

Armada Acquisition Corp. II operated as a special purpose acquisition company sponsored by Arrington XRP Capital Fund. Its combination with Evernorth provides a public market structure for managing XRP holdings and financing blockchain activities.

Evernorth founder and CEO Asheesh Birla outlined plans to deploy capital across the XRP ecosystem rather than simply accumulate tokens. The strategy includes institutional lending, liquidity provision, and investments supporting blockchain infrastructure.

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Evernorth Targets Institutional XRP Lending and Blockchain Infrastructure Expansion

Evernorth plans to use its treasury holdings to support tokenized assets, onchain credit markets, and settlement infrastructure. Additionally, the company intends to explore decentralized finance opportunities while maintaining public company reporting and governance standards.

Its original business strategy included participating in XRP Ledger validation and exploring opportunities involving Ripple’s RLUSD stablecoin. These activities form part of Evernorth’s broader plan to expand institutional participation in XRP-based financial services.

Major investors include Ripple, SBI Group, Arrington Capital, Pantera Capital, Kraken, and GSR. Their participation connects Evernorth with established companies operating across digital asset trading, investment management, and blockchain infrastructure.

Birla previously held a senior leadership position at Ripple, where he helped develop the company’s payments business. Meanwhile, Arrington Capital founder Michael Arrington highlighted Evernorth’s capital resources and public company standards for institutional XRP development.

Evernorth Confirms October 12 Nasdaq Debut Following Merger Approval

The company’s Nasdaq listing was initially expected on October 8, but its updated announcement established October 12 as the anticipated debut. Evernorth also plans to ring the Nasdaq closing bell on October 14 alongside investors and XRP ecosystem representatives.

The listing arrives as XRP trades near $1.39, recording an approximately 1% daily gain. Bitcoin traded around $83,000 during the same period, reflecting broader cryptocurrency market conditions surrounding Evernorth’s planned public market entry.

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