Evernorth Completes Business Combination with Armada Acquisition Corp. II
Evernorth Holdings, a digital asset treasury company focused on institutional access to XRP, has completed its business combination with Armada Acquisition Corp. II (SPAC), and is set to begin trading on Nasdaq under the ticker XRPN starting October 12, 2026. The transaction provides Evernorth with approximately $300 million in gross cash proceeds before expenses and a holding of around 473 million XRP tokens. The company aims to deploy capital across the XRP economy while adhering to public market governance standards. Evernorth has secured funding from major institutional investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Its strategy involves supporting infrastructure development in tokenized assets and on-chain credit markets as part of the evolving digital asset ecosystem. The company plans to leverage its public market status to grow XRP per share through yield strategies, DeFi participation, and capital markets activities. The transaction marks a significant milestone for Evernorth's leadership team, including CEO Asheesh Birla, who emphasized transparency and institutional-grade governance as key components of the firm’s mission. The company is scheduled to ring the Nasdaq closing bell on October 14, 2026.
Topics: Digital Assets Institutional Investment IPO XRP