Evernorth Holdings Inc. (Nasdaq: XRPN) completed its merger on Oct. 9, bringing an actively managed XRP treasury to public markets. The merger combined Evernorth with Armada Acquisition Corp. II, a special purpose acquisition company formed to take another business public.
At closing, Evernorth held approximately 473 million XRP and raised approximately $300 million in gross cash proceeds before transaction expenses. Common stock trading is expected to begin Oct. 12 under the ticker symbol XRPN, following an administrative delay that pushed the launch date from the originally targeted Oct. 8.
Evernorth's founder and Chief Executive Officer Asheesh Birla stated the company will deploy capital across the XRP economy, supporting infrastructure and use cases designed to expand XRP's utility and grow XRP per share over time.
The company's investors include digital asset investment firm Arrington Capital, Japanese financial services group SBI Group, and Ripple, alongside blockchain investment firm Pantera Capital, crypto exchange Kraken, and GSR, a crypto trading firm and liquidity provider.
Evernorth plans to pursue returns through institutional and decentralized finance strategies, ecosystem participation, and capital markets activities. Potential investment areas include tokenized assets, blockchain-based credit markets, and settlement infrastructure on the XRP Ledger.
The company's public debut week will also feature the Times Square premiere of Bearchamp, a boxing bear character created by Chicago artist JC Rivera. The premiere is scheduled for Oct. 14 at approximately 4 p.m. Eastern and will coincide with Evernorth's planned Nasdaq closing-bell ceremony.
