Overview
- Evernorth agreed to merge with Armada Acquisition Corp II to list on Nasdaq and, if completed, is expected to trade under the ticker XRPN in early 2026.
- The deal is expected to raise more than $1 billion in gross proceeds, including a $200 million commitment from SBI Holdings and participation from Ripple, Pantera Capital, Kraken, GSR and Ripple co-founder Chris Larsen.
- Most net proceeds are earmarked for open‑market XRP purchases to build what the company says will be the largest publicly traded XRP treasury, with the rest for corporate needs and transaction costs.
- Former Ripple executive Asheesh Birla will serve as CEO and leave Ripple’s board, while Ripple leaders Brad Garlinghouse, Stuart Alderoty and David Schwartz are set to advise as Evernorth maintains independent governance.
- Beyond accumulation, Evernorth plans to lend to institutions, provide liquidity, pursue DeFi yield, run XRP Ledger validators and use Ripple’s RLUSD stablecoin, with the transaction subject to shareholder approvals, potential redemptions and regulatory clearance.