Evernorth Holdings, Inc. announced on Oct. 9, 2026 that it completed its business combination with Armada Acquisition Corp. II, a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP, and said it is entering the public markets holding approximately 473 million XRP and approximately $300 million in gross cash proceeds before transaction expenses, according to PR Newswire.
Evernorth said its common stock is expected to begin trading on the Nasdaq Stock Market under the ticker symbol XRPN on Oct. 12, 2026, according to PR Newswire.
Listing timeline and public-market debut
Evernorth described itself as a digital asset treasury company building institutional access to the XRP economy at scale, according to PR Newswire.
Evernorth said it expects to ring the Nasdaq closing bell on Oct. 14, 2026, bringing together company leadership, investors and members of the XRP ecosystem, according to PR Newswire.
Capital position at closing
At closing, Evernorth said it holds approximately 473 million XRP and has raised approximately $300 million in gross cash proceeds, before transaction expenses, according to PR Newswire.
Evernorth said it has secured capital from a global group of institutional and digital asset investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others, according to PR Newswire.
Strategy: deploying capital across the XRP economy
Asheesh Birla, Founder and Chief Executive Officer of Evernorth, said Evernorth was built as “an actively managed XRP treasury” intended to support the growth of the ecosystem with the transparency and governance that public markets demand, according to PR Newswire.
Birla said Evernorth will be deploying capital across the XRP economy, supporting infrastructure and use cases intended to expand XRP’s utility, and pursuing strategies designed to grow XRP per share over time, according to PR Newswire.
Evernorth said that, as institutional on-chain finance evolves, tokenized assets, on-chain credit markets and settlement infrastructure will require capital to scale, and Evernorth intends to be a source of that capital by actively deploying capital across the XRP economy while operating with the reporting, governance and disclosure standards of a Nasdaq-listed company, according to PR Newswire.
Michael Arrington, founder of Arrington Capital, said his conviction in XRP is rooted in the belief that the ecosystem would continue to mature and that support for Evernorth is a natural extension of that thesis, according to PR Newswire.
Company description and transaction advisors
Evernorth said it is a publicly traded digital asset treasury company that provides investors with exposure to XRP through a regulated, liquid, and transparent structure, according to PR Newswire.
Evernorth said it holds one of the largest XRP treasuries of any public company and “puts that XRP to work,” pursuing strategies designed to grow XRP per share over time through institutional and DeFi yield strategies, ecosystem participation, and capital markets activities, according to PR Newswire.
Citigroup Global Markets Inc. served as the sole private placement agent and is serving as capital markets advisor to Evernorth, according to PR Newswire.
Cohen and Company Capital Markets, a division of Cohen and Company Securities, LLC, and Northland Securities, Inc., are serving as financial advisors and capital markets advisors to Armada Acquisition Corp. II, according to PR Newswire.
Davis Polk & Wardwell LLP is serving as legal counsel to Evernorth and Ripple, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel to Citigroup, according to PR Newswire.
One widely known context is that SPAC business combinations are commonly used as a route for companies to become publicly traded without a traditional initial public offering.
