Evernorth, a company focused on the XRP treasury, has finalized its merger with the special purpose acquisition company Armada Acquisition Corp. II. The transaction provides the entity with approximately 473 million XRP and $300 million in gross cash proceeds prior to expenses.
The company is scheduled to begin trading on the Nasdaq exchange on October 12 under the ticker symbol XRPN. The merger agreement was initially announced in October 2025, and shareholders of Armada approved the business combination on September 30.
Led by CEO Asheesh Birla, Evernorth plans to invest in the XRP ecosystem, including tokenized assets, onchain credit markets, and settlement infrastructure. The firm aims to increase XRP per share through institutional lending and liquidity provision.
Key investors in Evernorth include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company expects to hold a ceremonial closing bell event at the Nasdaq on October 14.
