Ripple-Backed Evernorth Completes SPAC Merger, Bringing 473M XRP to Nasdaq

Evernorth has completed its merger with Armada Acquisition Corp. II, preparing to enter Nasdaq with 473 million XRP and $300 million in gross cash proceeds. Through this transaction, the company aims to expand institutional services and infrastructure across the XRP ecosystem.

Ad

Ad

Evernorth Completes Merger Ahead of Nasdaq Debut

Evernorth completed its business combination on October 9. Its common stock is expected to begin trading on Nasdaq on October 12 under the ticker XRPN. The transaction was structured as a special purpose acquisition company (SPAC) merger, rather than an initial public offering.

The transaction brings approximately 473 million XRP and $300 million in gross cash proceeds before expenses. Meanwhile, Armada Acquisition Corp. II served as the merger partner. The company is sponsored by Arrington XRP Capital Fund, and its shareholders approved the deal on September 30.

Evernorth’s investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. In addition, the company plans to ring the Nasdaq closing bell on October 14. Its leadership, investors and members of the XRP ecosystem are expected to attend.

Ad

Ad

Evernorth Targets Institutional XRP Markets

Asheesh Birla, Founder and CEO of Evernorth, stated that Evernorth plans to invest in the XRP economy. To support this goal, the company plans to develop infrastructure and introduce new use cases. Its plan also seeks to grow the number of XRP per share over time.

In October 2025, Evernorth announced their merger agreement. At the time, it was using a strategy that involved institutional lending, liquidity provision, and XRP accumulation. Moreover, the company intended to look into opportunities in decentralized finance and activities that generate yield.

Beyond holding XRP, Evernorth aims to support tokenized assets, onchain credit markets and settlement infrastructure. It also has plans to join the XRP Ledger validation. Moreover, the company has described means to utilize Ripple’s stablecoin RLUSD for decentralized finance. Prior to this, Birla spent his time at Ripple as a senior executive within the payments segment.

Public Listing Brings Financial Disclosure Requirements

Evernorth’s Nasdaq listing will require regular financial disclosures. As a result, investors will be able to review its XRP holdings, cash position and operating expenses through company filings. These reports will also provide details about its treasury activities and capital allocation.

However, the company’s financial position may change as it buys or sells XRP and invests in new projects. Future filings should provide more information about revenue sources, operating costs and treasury management. In turn, investors will be able to track changes in its digital asset holdings.

Arrington Capital founder Michael Arrington said Evernorth would bring capital and public company standards to institutional development across the XRP ecosystem. Accordingly, the company plans to use its resources to support projects and services linked to XRP.

Meanwhile, XRP traded near $1.4 at the time of the announcement, gaining approximately 1% on the day. Bitcoin traded near $83,000 during the same period. With its Nasdaq debut, Evernorth will give investors access to a publicly traded company focused on XRP holdings and related financial services.