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Following
XRP Evernorth Holdings completes its business merger with Armada Acquisition Corp. II, entering the public market with nearly 473 million XRP
Evernorth Holdings announced that it has completed its business merger with Armada Acquisition Corp. II. The transaction gave the company a treasury reserve of approximately 473 million XRPs and a total cash gain of approximately US$300 million from the transaction. The company announced the news on October 9.
The combined company's common stock is expected to begin trading on Nasdaq on Monday, October 12, under the ticker symbol "XRPN." The merger makes Evernorth one of the largest publicly traded XRP treasuries, providing investors with access to the token through a regulated, transparent structure rather than direct holding of the currency.
Company Strategy and Capital Deployment
Asheesh Birla, founder and CEO, said the company will "deploy capital in the XRP economy and support infrastructure and application scenarios that expand the usefulness of XRP," while pursuing strategies aimed at increasing the value of XRP per share over time.
Evernorth's market positioning
Evernorth describes itself as a proactively managed treasury of digital assets, holding XRP and making it operational through institutional lending, DeFi revenue strategies, ecosystem participation, and capital markets activities. At the close of the transaction, the company had raised approximately $300 million in total cash proceeds before deducting transaction fees. The transaction is supported by well-known institutions such as Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Armada Acquisition Corp. II is a special purpose acquisition company (SPAC) sponsored by Arrington XRP Capital Fund . Evernorth cleared the last SEC hurdle in August, when regulators announced its Form S-4 registration was effective and Armada shareholders approved the merger at a September 30 meeting.
Launch time delayed due to administrative delay
This launch is later than originally planned. Evernorth was originally scheduled to complete the merger on October 7 and make its debut on Nasdaq on October 8, but administrative delays caused the schedule to be adjusted to the current date. The company said the change did not affect the completion of the transaction.
Michael Arrington, founder of Arrington Capital, views the support as a bet that the XRP ecosystem will mature and attract developers and capital. Evernorth plans to ring the Nasdaq closing bell on October 14 with company leadership, investors and members of the XRP ecosystem.
Future Outlook and Risk Warning
Once XRPN begins trading, its share price will be linked to the amount of XRP held by Evernorth and its ability to generate revenue, exposing the holder to the volatility of the token through equity instruments. The company has not disclosed specific earnings targets, and its forward-looking statements warn that a fall in XRP prices could reduce the value of its securities. The first trading day will provide an early reference to the market's demand for specialized XRP treasury instruments.
