Evernorth completed its business combination with Armada Acquisition Corp. II on October 9, with its common stock beginning trading on Nasdaq on October 12 under the ticker XRPN. The SPAC merger brought approximately 473 million XRP and $300 million in gross cash proceeds before expenses to the newly public company.
The transaction was sponsored by Arrington XRP Capital Fund, with shareholders approving the deal on September 30. Evernorth's investor base includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company plans to ring the Nasdaq closing bell on October 14 with leadership, investors, and members of the XRP ecosystem in attendance.
Focus on Institutional XRP Markets
Evernorth plans to invest in infrastructure and use cases within the XRP economy, according to founder and CEO Asheesh Birla. The company's strategy involves institutional lending, liquidity provision, and XRP accumulation, with aims to grow XRP holdings per share over time.
Beyond holding XRP, Evernorth intends to support tokenized assets, onchain credit markets, and settlement infrastructure. The company has also announced plans to join the XRP Ledger validation network and utilize Ripple's stablecoin RLUSD for decentralized finance applications. Birla previously served as a senior executive in Ripple's payments division.
Public Listing and Financial Oversight
As a publicly traded company, Evernorth will be required to make regular financial disclosures to investors. These filings will detail the company's XRP holdings, cash position, operating expenses, treasury activities, and capital allocation decisions.
Arrington Capital founder Michael Arrington stated that Evernorth would bring capital and public company standards to institutional development across the XRP ecosystem, allowing the company to support projects and services linked to XRP.
