Evernorth to Go Public via Armada Merger

Ekaterina Bogatyreva

Evernorth Holdings Inc., a Nevada-based company focused on institutional XRP adoption, has announced a merger with Armada Acquisition Corp II (Nasdaq: AACI), a publicly traded SPAC. Following the transaction, the combined entity will operate as Evernorth and is expected to trade on Nasdaq under the ticker “XRPN.”

The deal is projected to generate over $1 billion in gross proceeds, including $200 million from SBI and additional backing from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. The majority of funds will support open-market XRP purchases to establish a large institutional XRP treasury, with the remainder allocated to operations and transaction costs.

The transaction, approved by both companies’ boards, is expected to close in Q1 2026, pending customary conditions and shareholder approvals.

Image: Freepik

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