Evernorth Completes SPAC Merger and Prepares Nasdaq Listing
Evernorth Holdings has finalized its merger with Armada Acquisition Corp. II, bringing the digital asset treasury firm to the public markets with roughly $300 million in gross cash proceeds and about 473 million XRP. Trading of its common stock on Nasdaq is anticipated to start on October 12, 2026, under the symbol XRPN. Arrington XRP Capital Fund served as sponsor of Armada Acquisition Corp. II. Evernorth also plans to ring the Nasdaq closing bell on October 14.[S1][S2][S3][S4]
Evernorth is assembling an actively managed XRP treasury intended to offer public-market investors a regulated, liquid way to gain exposure to the XRP ecosystem. The firm intends to allocate capital toward XRP-related infrastructure, decentralized finance, and other opportunities within that ecosystem. Its approach aims to grow XRP holdings per share over time via yield strategies, ecosystem participation, and capital markets activities.[S1]
Backers of Evernorth include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, GSR, and additional investors. Citigroup acted as the sole private placement agent and serves as a capital markets advisor to Evernorth. As the market develops, Evernorth anticipates that tokenized assets, on-chain credit markets, and blockchain settlement infrastructure will demand growing institutional capital, and it intends to supply that capital while meeting the governance, disclosure, and reporting standards expected of a Nasdaq-listed company.[S1]
