Evernorth Advances Plans to Become Largest Public XRP Treasury Company
Ripple-backed Evernorth Holdings has taken another major step toward completing its merger with Armada Acquisition Corp II, bringing the company closer to becoming the largest publicly traded XRP treasury firm on Nasdaq.
The latest development comes after Evernorth submitted an amended Form S-4 registration statement to the U.S. Securities and Exchange Commission (SEC). The filing supports the company’s proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company backed by Arrington Capital.
If approved, the merged company is expected to trade on Nasdaq under the ticker symbol XRPN.
Backed by Ripple and Major Crypto Investors
Evernorth has attracted more than $1 billion in funding commitments from several prominent investors, including Ripple, Arrington Capital, SBI Holdings, Pantera Capital, and Kraken.
As part of its support, Ripple contributed 126,791,458 XRP to the company’s treasury, strengthening Evernorth’s position as a major participant in the XRP ecosystem.
The company’s strategy extends beyond simply holding XRP. Evernorth plans to operate XRP Ledger validators, integrate Ripple’s RLUSD stablecoin into institutional decentralized finance solutions, and explore tokenized real-world asset opportunities.
Management also intends to track performance using specialized metrics such as XRP-per-share and yield-per-token to evaluate shareholder value creation.
SEC Approval Remains the Final Hurdle
While progress continues, the transaction still requires SEC approval before moving forward. Regulators are currently reviewing the registration statement and providing comments on the filing.
Once the SEC declares the S-4 registration effective, shareholders of Armada Acquisition Corp II will be able to vote on the proposed merger.
A successful vote would clear the way for Evernorth to complete the business combination and begin trading as a Nasdaq-listed XRP treasury company.
Financial Update Shows Impact of XRP Price Weakness
Alongside the merger update, Evernorth released unaudited pro forma combined financial information covering Evernorth Holdings, Pathfinder Digital Assets, and Armada Acquisition Corp II as of March 31, 2026.
The report showed an increase in combined cash reserves during the first quarter of 2026. However, the value of Evernorth’s XRP treasury declined to approximately $387.14 million due to the recent drop in XRP’s market price.
As a result, the company’s combined pro forma valuation decreased from roughly $1.1 billion to around $870 million.
The filing also included financial statement consents from Deloitte & Touche and CBIZ CPAs, supporting the merger documentation.
High-Profile Board Appointments Announced
Evernorth has continued strengthening its leadership team ahead of the proposed public listing.
The company confirmed that Ripple Chief Legal Officer Stuart Alderoty will serve on the board of directors alongside Evernorth CEO Asheesh Birla and Ted Janus.
Additional board members include OpenAI Foundation Chief Financial Officer Robert Kaiden and Antalpha Chief Operating Officer Derar Islim.
The appointments bring significant experience from the technology, blockchain, and financial sectors as the company prepares for its next growth phase.
XRPN Stock and XRP Face Short-Term Pressure
Shares of Armada Acquisition Corp II, which will become XRPN after the merger, slipped slightly in premarket trading, declining around 0.20%.
Despite the modest pullback, the stock remains up more than 3% since the beginning of the year.
Meanwhile, Japan-based SBI Holdings continues to maintain substantial influence within the company. Depending on future share redemptions and dilution levels, its voting power could rise to nearly 60%.
XRP also experienced selling pressure over the past 24 hours, falling more than 2% and trading near $1.30. The token recorded an intraday high of $1.35 and a low of $1.30, while trading volume increased significantly.
Despite the decline, derivatives market activity remained constructive. Recent data showed XRP futures open interest rising above $2.94 billion, suggesting traders continue to build positions even as price volatility persists.
