Evernorth Closes Armada Merger to List 473M XRP Treasury on Nasdaq

Evernorth Holdings Inc. completed its business combination with special purpose acquisition company Armada Acquisition Corp. II on Oct. 9, 2026, paving the way for its public debut ¹. The firm announced that its common stock will begin trading on the Nasdaq Stock Market on Oct. 12, 2026, under the ticker XRPN ¹. At the closing of the transaction, Evernorth enters public markets holding approximately 473 million $XRP and approximately $300 million in gross cash proceeds before transaction expenses ¹.

The transaction follows the recent approval by Armada II shareholders to create a publicly traded corporate treasury model focused on XRP ¹. Sponsored by Arrington XRP Capital Fund, LP, the vehicle drew backing from institutional digital asset investors including SBI Group, Ripple, Pantera Capital, Kraken, and GSR ¹. Asheesh Birla, founder and chief executive officer of Evernorth, stated that the firm aims to deploy balance sheet capital across tokenized assets, on-chain credit markets, and settlement infrastructure while seeking to increase XRP holdings per share over time ¹.

Deployment Strategy and Governance

Evernorth plans to differentiate itself from passive asset holding vehicles by utilizing institutional and decentralized finance yield strategies, capital markets activity, and direct ecosystem participation ¹. Michael Arrington, founder of Arrington Capital, noted that the public structure aims to bring scaled capital alongside the disclosure and governance requirements of a Nasdaq-listed entity ¹. Evernorth leadership and investors are scheduled to ring the Nasdaq closing bell on Oct. 14, 2026 ¹.