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XRP Summary
Evernorth, which is backed by Ripple, filed Amendment No. 5 to advance its merger and planned public XRP vault launch and make it through the SEC review process. The document finalized the executive agreement and added board members backed by institutional investors backing the deal, with a total commitment of more than $1 billion. The combined company is expected to trade on Nasdaq under the symbol XRPN and actively manage XRP positions after the merger is approved, rather than passively holding them.
Ripple-backed Evernorth Holdings
Ripple-backed Evernorth Holdings is closer to launching the largest public XRP vault by filing Amendment 5 to its S-4 registration statement with the U.S. Securities and Exchange Commission. In the new amendment, Evernorth finalized key executive agreements and moved forward with its proposed merger with Armada Acquisition Corp. II.
New SEC document promotes XRP treasury plan
The amendment document marks another milestone in Evernorth's process of becoming a public XRP treasury company. In addition, the registration statement contains the latest disclosures required during the SEC review process, while retaining a business combination plan with Armada Acquisition Corp. II. Once approved, the combined company is expected to trade on Nasdaq under the symbol XRPN.
Earlier disclosures showed Evernorth received more than US$1 billion in total gains from institutional investors. Ripple, SBI Holdings, Pantera Capital, Kraken and Arrington Capital all supported the deal.
SCOOP: Ripple-Backed XRP Treasury Evernorth Files Amendment No. 5 to its S-4 with SEC Here are the new changes in the 5th amendment as the firm moves closer to a SPAC merger with Armada Acquisition Corp II - Rednirav (@CryptoRednirav) July 30, 2026
Therefore, Evernorth is still expected to establish the largest public XRP vault to provide investors with regulated XRP exposure through the corporate structure of a listed company. The company also plans to actively manage its XRP treasury after the merger, rather than simply keeping assets on its balance sheet.
Amendment expands governance structure
Under the revised S-4 Form, Evernorth completed employment agreements with Chief Legal Officer Jessica Jonas, Chief Business Officer Sagar Shah, and Chief Operating Officer Meg Nakamura. In addition to basic salary, each executive is eligible for annual bonuses of up to 50% of basic salary, restricted stock units, and employee benefits. Jessica Jonas received an equity award of $4.5 million, while Sagar Shah and Meg Nakamura each received an award worth $2.8 million under the company's 2026 comprehensive incentive plan, which requires shareholder approval and board authorization.
The document also confirms previously disclosed agreements with CEO Asheesh Birla and Chief Financial Officer Matt Frymier. In addition, Ripple's chief legal officer Stuart Alderoty is expected to join the proposed board of directors along with Asheesh Birla, Ted Janus, OpenAI Foundation Chief Financial Officer Robert Kaiden, and Antal Chief Operating Officer Derar Islim, which strengthens Evernorth's governance as the merger progresses.
Conclusion
Amendment No. 5 advances the proposed merger of Evernorth and Armada Acquisition Corp. II while completing key governance requirements. The filing also puts the company on a planned Nasdaq listing and supports its goal of launching the largest publicly traded XRP vault backed by institutional capital.
