Evernorth Holdings, a newly formed Nevada company, has signed a business combination agreement with Armada Acquisition Corp II to go public on Nasdaq under the ticker XRPN. The deal aims to raise over $1 billion, primarily to purchase XRP on the open market and build the largest public XRP treasury. Backed by investors including Ripple and Kraken, Evernorth plans an active strategy involving lending, liquidity provision, and DeFi yields to grow XRP holdings.
On October 20, 2025, Evernorth Holdings Inc. announced its plans to go public through a merger with special purpose acquisition company Armada Acquisition Corp II (Nasdaq: AACI). The combined entity will retain the Evernorth name and is expected to trade on Nasdaq as XRPN, targeting a closing in the first quarter of 2026, subject to shareholder approvals, regulatory reviews, and listing requirements.
The transaction is projected to generate more than $1 billion in gross proceeds, including a $200 million commitment from SBI and investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Net proceeds will fund open-market purchases of XRP to establish an institutional treasury, with the remainder allocated to working capital and transaction expenses. Class A shares of AACI not redeemed will convert one-for-one into Evernorth Class A shares at closing.
Unlike passive ETFs, Evernorth positions itself as an active vehicle offering investors exposure to XRP's price plus potential growth through institutional lending, liquidity provisioning, and decentralized finance (DeFi) strategies. The company highlights XRP's established U.S. regulatory framework and its role in global payments, with over a decade of uptime and growing DeFi ecosystem.
"Evernorth is built to provide investors more than just exposure to XRP’s price," said CEO Asheesh Birla, a former Ripple executive. "As we capitalize on traditional yield opportunities and deploy into DeFi when appropriate, we intend to help mature that ecosystem. Our goal is to create returns for shareholders while reinforcing XRP’s utility."
Evernorth's leadership includes CFO Matthew Frymier, COO Meg Nakamura, Chief Legal Officer Jessica Jonas, and Chief Business Officer Sagar Shah. Ripple serves as a strategic investor, with executives Brad Garlinghouse, Stuart Alderoty, and David Schwartz acting as advisers while maintaining independent governance.
"Having worked alongside Asheesh for many years, I’m fully confident in his and the team’s ability to take XRP’s presence in capital markets to the next level," Garlinghouse stated.
Beyond treasury building, Evernorth plans to operate XRP Ledger validators, integrate Ripple's RLUSD stablecoin for DeFi on-ramps, and support projects in payments, capital markets, and tokenized assets, contingent on deal completion and market conditions.