Armada Acquisition Corp. II shareholders approved a proposed merger with Evernorth Holdings Inc., a digital asset treasury company, on September 30. The approval, announced on October 1, moves the combined business closer to a Nasdaq debut under the ticker XRPN.
Evernorth founder and CEO Asheesh Birla stated that going public would offer investors a regulated, transparent way to own XRP exposure. The U.S. Securities and Exchange Commission declared the Form S-4 registration statement effective on August 27, though this effectiveness did not constitute regulatory approval of the deal's merits.
Funding Structure
The transaction is expected to generate approximately $300 million in gross cash proceeds before expenses, alongside XRP contributed directly by investors. This includes $225 million from private placements to selected investors, $30 million in convertible note financing, and approximately $48 million from Armada II's trust account.
Evernorth arranged $30 million in convertible notes carrying 4% annual interest and maturing in 2031. According to the company, the transaction and related private placements have raised more than $1 billion. Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.
Treasury Strategy and Token Holdings
Evernorth projects approximately 473 million XRP at closing and claims this would make it the largest publicly traded treasury focused primarily on that cryptocurrency. The company intends to pursue strategies designed to increase XRP holdings per share over time.
The planned treasury strategy includes activities intended to earn returns on assets, participation in the XRP ecosystem, and capital markets activities. Stockholders would own an equity interest in Evernorth, which would hold and manage the tokens.
Institutional Partnerships and Community Initiative
Evernorth announced collaborations to support its operations. On January 8, the company plans to work with Doppler Finance, a provider of XRP-based financial infrastructure, to explore treasury-scale liquidity and deploy large token positions through blockchain-based financial products.
On January 21, Evernorth plans to collaborate with t54, a financial technology company, to integrate verification, risk assessment, and compliance tools into treasury workflows managed by software agents.
The public debut will also feature an XRP community campaign including apparel and a story featuring Bearchamp, a boxing character created by Chicago artist JC Rivera.
Completion remains subject to satisfaction or waiver of remaining closing conditions. Following the expected October 7 closing, the combined business is expected to begin trading on October 8.
