Evernorth Holdings Inc. has officially launched, marking a significant milestone with its recent announcement of a business combination agreement with Armada Acquisition Corp II. This combination aims to facilitate XRP adoption on an institutional scale. Upon the completion of the transaction, the newly merged entity will operate under the Evernorth name and is anticipated to trade on Nasdaq under the ticker symbol “XRPN,” pending the fulfillment of listing requirements.
The transaction is projected to yield over $1 billion in gross proceeds. This includes a substantial investment of $200 million from SBI, along with additional backing from Ripple, Rippleworks, and notable figures in the digital asset and fintech sectors such as Pantera Capital, Kraken, and GSR. Ripple co-founder Chris Larsen is also noted to be among the participants in this funding round.
The funds raised will primarily be allocated for open-market purchases of XRP, with the intention of establishing the world’s leading institutional XRP treasury. A portion of the proceeds will also be directed toward working capital, general corporate purposes, and transaction-related expenses.
Evernorth aims to provide investors with straightforward, liquid, and transparent access to XRP through a publicly listed platform. Distinguishing itself from a conventional passive ETF, Evernorth plans to enhance XRP value per share over time by engaging in institutional lending, liquidity provisioning, and DeFi yield opportunities.
The merger has received unanimous approval from the Boards of Directors of both involved companies and is expected to close in the first quarter of 2026, subject to standard closing conditions and shareholder approvals.
Beyond constructing one of the largest institutional XRP treasuries, Evernorth has expressed intent to invest resources into expanding the XRP ecosystem at large.
Additionally, in relation to the transaction’s closing, each Class A share of Armada II that is not redeemed for cash will convert to Class A shares of Evernorth on a one-for-one basis, reinforcing the commitment to a seamless transition for investors.
