Evernorth XRP treasury closed its merger with Armada Acquisition Corp. II. Consequently, the company holds about 473 million XRP. Additionally, it raised roughly $300 million in gross cash proceeds. Meanwhile, its Nasdaq debut expects October 12. Therefore, it will trade under the ticker XRPN.
Why Evernorth XRP treasury matters
The merger brings Evernorth’s XRP treasury into a public-company structure. The $300 million figure came before transaction expenses. Institutional and digital-asset investors supplied the capital. Backers include Arrington Capital, SBI Group, and Ripple. Pantera Capital, Kraken, and GSR also participated. Armada was a SPAC sponsored by Arrington XRP Capital Fund. Consequently, the merger expands Evernorth’s public-market profile.
Evernorth closes merger after Nasdaq timetable changes
Evernorth signed the business combination agreement on October 19, 2025. It amended the agreement on August 12, 2026. The parties included Evernorth and Pathfinder Digital Assets. Ripple and Armada also participated. Two merger subsidiaries were involved.
Under the transaction, Pathfinder and the former Armada entity became wholly owned subsidiaries. Armada moved from the Cayman Islands to Delaware on October 8. It adopted the name Arrington Capital SPAC I Inc.
Armada shareholders approved the deal on September 30. Evernorth initially scheduled the closing for October 7. It planned Nasdaq trading for October 8. However, an administrative issue changed the schedule. Consequently, Evernorth delayed the debut. On October 6, Evernorth said the issue would not prevent completion. It set October 9 as the revised closing date. The closing announcement keeps October 12 as the expected first trading day. Leadership and investors will attend a Nasdaq closing-bell ceremony on October 14.
Evernorth XRP treasury combines purchases and contributed tokens
Evernorth’s closing announcement places holdings at about 473 million XRP. Earlier documents show the treasury came from several routes. These include cash purchases and contributions.
A September 30 analysis projected a closing balance of at least 473,276,430 XRP. Ripple contributed 126,791,458 XRP. The sponsor held approximately 211.32 million XRP. A related-party contribution added 50 million XRP. Advance and delayed funding arrangements included another 800,000 tokens. The company purchased about 84.37 million XRP for $214 million. The average price was about $2.53657 per token.
The analysis distinguished cash acquisitions from contributed holdings. It did not apply the purchase price to every XRP. For U.S. investors, XRPN represents corporate equity. The company owns the XRP treasury. Shareholders do not receive a direct redemption right for tokens. Exposure per share depends on outstanding shares and liabilities. Financing and transaction costs also matter.
Evernorth plans to put XRP capital into institutional services
Founder and CEO Asheesh Birla said Evernorth will actively manage its treasury. He wants to support infrastructure and uses for XRP. He described increasing XRP held per share as a goal. “We’ll be deploying capital across the XRP economy,” Birla said. The company will support infrastructure and use cases that expand XRP’s utility.
Evernorth’s SEC-filed announcement identified tokenized assets and onchain credit markets. Settlement infrastructure also featured. Evernorth said its model combines XRP holdings with infrastructure investment. It will not rely solely on buying and holding tokens. The company plans institutional and decentralized-finance yield strategies. It also plans ecosystem participation and capital-market activities. Evernorth said it will follow Nasdaq-listed reporting and governance standards. The SEC’s effectiveness declaration did not approve the transaction’s merits.
Convertible financing includes XRP purchases among permitted uses
Before the shareholder vote, Evernorth agreed to issue $30 million in convertible debt. The agreement tied issuance and payment to the merger’s completion. Proceeds could support general corporate purposes. These include additional XRP purchases and ecosystem activities. The permitted uses did not commit the full amount to token purchases.
NH Investment & Securities serves as trustee. The purchaser is Kyobo AIM Corporate Finance General Private Investment Trust No. 3. The senior unsecured notes carry a 4% annual payment-in-kind interest rate. Interest adds to principal instead of paying cash regularly. The notes compound semiannually and mature in 2031. Holders receive conversion rights one year after the effectiveness date. The initial rate equals approximately $10.20 per Evernorth Class A share.
