Evernorth Holdings, a firm backed by Ripple, is advancing toward its merger with Armada Acquisition Corp II, aiming to establish itself as the largest public XRP treasury listed on Nasdaq under the ticker XRPN. The recent amendment to its Form S-4 registration statement has been submitted to the U.S. Securities and Exchange Commission (SEC) as part of the preparations for this proposed business combination.
The merger is backed by significant investments exceeding $1 billion from entities including Ripple, SBI Holdings, Arrington Capital, Pantera Capital, and Kraken. Notably, Ripple has contributed a substantial amount of XRP, totaling 126,791,458 tokens. Beyond merely holding XRP, Evernorth plans to operate XRPL validators and will integrate RLUSD stablecoin for institutional DeFi lending, alongside tokenization of real-world assets. The firm intends to measure its financial performance through metrics such as XRP-per-share and yield-per-token.
Currently, the company is awaiting the SEC’s approval of its registration statement. Once the SEC declares the S-4 effective, shareholders of Armada Acquisition Corp II will be called to vote on the proposed merger, marking a pivotal moment in the company’s trajectory.
As part of its preparations, Evernorth announced unaudited pro forma financial results, highlighting combined financial statements for itself, Pathfinder Digital Assets, and Armada Acquisition Corp II, as of March 31, 2026. The consolidated cash reserves have shown growth in the first quarter of 2026; however, the value of XRP within Evernorth’s treasury has notably fallen to $387.14 million, attributed to a decline in XRP prices. This adjustment has led to a decrease in the pro forma combined valuation from $1.1 billion to about $870 million, with confirmation from Deloitte & Touche and CBIZ CPAS PC regarding the financial statements.
To bolster its leadership, Evernorth has appointed Ripple’s Chief Legal Officer, Stuart Alderoty, alongside CEO Asheesh Birla and Ted Janus to its board. Noteworthy additions also include Robert Kaiden, chief financial officer of OpenAI Foundation, and Derar Islim, chief operating officer of Antalpha.
In related market activities, the stock price of Armada Acquisition Corp II, under the ticker XRPN, has dropped 0.20% in premarket trading but has still risen over 3% year-to-date. Japan-based SBI Holdings holds considerable voting power within the XRP treasury; should stock dilutions occur due to redemptions, their voting influence could reach as high as 59.7%.
Amid fluctuations, the price of XRP has recently dropped over 2%, presently trading at $1.30, with a 24-hour trading range of $1.35 and $1.30. Despite this decline, trading volume has surged by nearly 44% in the last 24 hours, spurred in part by broader geopolitical tensions including the escalation of the US-Iran conflict. Data from CoinGlass indicates that the derivatives market for XRP is seeing increased buying activity, with the total open interest in XRP futures rising by more than 0.65% to $2.94 billion within a four-hour period.
