Evernorth has completed its business combination with Armada Acquisition Corp. II, clearing the final major hurdle ahead of its upcoming debut on Nasdaq.
Through the transaction and associated private placements, the XRP-focused treasury company enters the public markets holding approximately 473 million Ripple tokens and around $300 million in gross cash proceeds. The closing follows a shareholder vote in which approximately 20.5 million Armada shares voted in favor of the merger, compared with 1.4 million against.
Previous investors backing the company include Ripple, SBI Group, Panter Capital, GSR, and Arrington Capital. Michael Arrington, founder of Arrington Capital, noted that the support for Evernorth aims to bring scaled capital, active participation, and public company standards to the institutional development of the ecosystem.
The company's Nasdaq debut is scheduled for Monday, October 12, with management expecting to ring the closing bell on October 14.
Unlike passive holding vehicles, Evernorth positions itself as an actively managed XRP treasury. According to CEO Asheesh Birla, the company plans to deploy capital across the XRP economy to increase XRP per share over time. This strategy includes participating in institutional and decentralized finance (DeFi) yield strategies, ecosystem infrastructure, on-chain credit markets, and other capital-markets activities.
