Evernorth Advances XRP Treasury Merger With New SEC Filing
Ripple-backed Evernorth Holdings, an XRP-focused treasury company, has submitted a second amended Form S-4 registration statement to the U.S. Securities and Exchange Commission (SEC). This update marks another step forward in its planned merger with Armada Acquisition Corp II, a special purpose acquisition company backed by Arrington XRP Capital Fund LP.
The merger is designed to establish the largest publicly listed XRP treasury company, providing direct exposure to the XRP ecosystem. Evernorth has already secured more than $1 billion in gross proceeds and plans to trade on Nasdaq under the ticker XRPN.
Key institutional investors supporting the initiative include Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken. Notably, Ripple has contributed over 126 million XRP tokens, with the company expected to launch holding at least 473 million XRP.
The transaction remains subject to SEC review and approval, as well as shareholder approval from Armada Acquisition Corp II.
New Board Appointments Strengthen Financial Expertise
As part of its ongoing preparations, Evernorth has announced the appointment of two high-profile executives to its board of directors:
- Robert Kaiden, Chief Financial Officer at the OpenAI Foundation
- Derar Islim, Chief Operating Officer at Antalpha
Both executives will serve as independent directors under Nasdaq governance standards. They join an expanding leadership team that also includes Stuart Alderoty, Chief Legal Officer at Ripple.
Their appointments bring significant expertise in financial oversight, auditing, and digital asset markets. In particular, Derar Islim’s experience bridges traditional finance and the rapidly evolving crypto sector.
The updated filing also includes documentation related to the upcoming shareholder vote, along with confirmations from independent accounting firms Deloitte & Touche and CBIZ CPAs PC.
CEO Asheesh Birla, a former Ripple executive, has emphasized that Evernorth’s mission is to accelerate institutional adoption of XRP, especially following regulatory clarity from U.S. agencies that classify certain digital assets, including XRP, as commodities.
XRPN Stock and XRP Price Performance
Shares of Armada Acquisition Corp II (XRPN) are trading slightly lower in premarket activity, down 0.14% at $10.34. Despite the minor dip, the stock remains approximately 1.3% higher year-to-date and over 3% higher on a yearly basis.
Meanwhile, XRP has recorded a modest gain of over 1% in the past 24 hours, currently trading at $1.39, with intraday fluctuations between $1.37 and $1.39.
Trading volume has declined by nearly 4% as investors await the U.S. Federal Reserve’s interest rate decision and comments from Fed Chair Jerome Powell.
In derivatives markets, bullish sentiment has emerged, with XRP futures open interest rising more than 2% to $2.54 billion, according to CoinGlass data.
Japan-based SBI Holdings continues to hold significant voting power in Evernorth. Depending on redemption levels, its influence could increase to nearly 59.7%.
Also Read
Best RWA Tokenization Compliance Companies & Platforms
