Evernorth Completes Armada Merger, Set for Nasdaq Debut Monday With 473M XRP Treasury

Evernorth Holdings has completed its business combination with Armada Acquisition Corp. II, taking a treasury of approximately 473 million XRP and about $300 million in gross cash proceeds into the public markets, the company announced on Oct. 9. The combined company’s common stock is expected to begin trading on the Nasdaq under the ticker XRPN on Monday, Oct. 12.

The closing makes Evernorth one of the largest publicly traded XRP treasuries, offering investors exposure to the token through a regulated, transparent structure rather than a direct holding. Founder and Chief Executive Officer Asheesh Birla said the company will “deploy capital across the XRP economy, supporting the infrastructure and use cases that expand XRP’s utility,” while pursuing strategies designed to grow XRP per share over time.

What Evernorth Brings to Market

Evernorth describes itself as an actively managed digital-asset treasury that holds XRP and puts it to work through institutional lending, DeFi yield strategies, ecosystem participation and capital-markets activity. At closing the company had raised roughly $300 million in gross cash proceeds before transaction expenses, with backing from Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.

Armada Acquisition Corp. II is a special-purpose acquisition company sponsored by Arrington XRP Capital Fund. Evernorth cleared its final SEC hurdle in August, when regulators declared its Form S-4 registration effective, and Armada shareholders approved the combination at a Sept. 30 meeting.

A Debut After a Short Delay

The listing arrives later than first outlined. Evernorth had earlier targeted an Oct. 7 close and an Oct. 8 Nasdaq debut before an administrative delay shifted the schedule to the current dates. The company said the change did not affect completion of the transaction.

Michael Arrington, founder of Arrington Capital, framed the support as a bet on the XRP ecosystem maturing and attracting builders and capital. Evernorth plans to ring the Nasdaq closing bell on Oct. 14 alongside company leadership, investors and members of the XRP ecosystem.

What Happens Next

Once XRPN begins trading, the share price will move with Evernorth’s XRP holdings and its ability to generate yield, exposing holders to the token’s volatility through an equity wrapper. The company has not disclosed specific yield targets, and its forward-looking statements warn that a decline in the price of XRP could reduce the value of its securities. The first trading day will offer an early read on demand for a dedicated XRP treasury vehicle.