Armada Acquisition Corp. II shareholders will vote on September 30 on Evernorth Holdings' proposed Nasdaq merger. If approved, the combined company would list under the ticker XRPN and receive authorization for up to 10 billion shares across multiple classes.
According to the Securities and Exchange Commission filing, the proposed charter would authorize 7.4 billion Class A shares, 100 million Class B shares, 2.4 billion Class C shares, and 100 million preferred shares. The initial transaction involves approximately 34.5 million Class A shares and 11.5 million warrants, leaving Evernorth with substantial unused capacity after the combination closes.
The SEC declared Evernorth's registration statement effective on August 27, clearing the way for the shareholder vote. Armada shareholders of record as of August 20 are eligible to consider the merger.
XRP Per Share as Central Metric
Evernorth plans to measure its performance using XRP per share as its primary metric. The company expects to enter the public market with more than 473.3 million XRP and aims to increase the amount attributable to shareholders through capital markets activity, institutional and decentralized finance yield strategies, and participation across the XRP ecosystem.
The large pool of authorized but unissued stock would give Evernorth flexibility to raise capital after listing. However, every additional share issued would increase the amount of XRP the company must acquire to maintain growing XRP per share. This dynamic makes the terms of any future equity issuance critical to the company's stated goal.
Active Treasury Strategy
Beyond capital raising, Evernorth plans to put portions of its XRP treasury to work through institutional lending, liquidity provision, and decentralized finance strategies. The company has described its model as an actively managed XRP treasury, with returns from these activities potentially recycled into additional XRP purchases.
In January, Evernorth and Doppler Finance began exploring structured liquidity deployment and treasury-management products on the XRP Ledger designed for institutional XRP deployment at scale. The company has also indicated it intends to use the proposed XLS-66 XRP Lending Protocol, which remains under development and is designed to let XRP holders supply tokens to vaults that fund fixed-term loans to institutional borrowers.
Evernorth has also announced a collaboration with t54 to explore AI-powered infrastructure for monitoring protocols, executing yield strategies, managing liquidity, and assessing risk across its XRP operations. These activities could add XRP to the treasury without issuing new shares, though they introduce risks including borrower defaults, counterparty failures, and protocol vulnerabilities.
Ecosystem Participation and Infrastructure
Evernorth is tying its long-term returns to growth in the infrastructure surrounding XRP. The company has outlined plans to operate XRP Ledger validators, use Ripple's RLUSD stablecoin to participate in XRP-based decentralized finance, and provide liquidity to projects spanning payments, capital markets, and tokenized assets.
These investments could serve dual purposes: lending and liquidity strategies may produce direct returns added to the treasury, while infrastructure investments could expand the markets where Evernorth deploys its XRP over time. The company has increasingly focused on institutional onchain finance as that opportunity develops.
Performance Dependent on Execution
Whether Evernorth's substantial share authorization ultimately benefits existing shareholders will depend on whether the company can grow its XRP holdings faster than its fully diluted share count. Evernorth's performance will remain heavily exposed to XRP's price, while its active strategy adds execution risks from lending, decentralized finance, liquidity provision, and ecosystem investments.
