Evernorth Holdings Inc. (NASDAQ: XRPN) completed its business combination with Armada Acquisition Corp. II on October 9, 2026. The company enters public markets holding 473 million XRP and approximately $300 million in gross cash proceeds.

Shares are scheduled to begin trading on the Nasdaq Stock Market under the ticker symbol XRPN on October 12, 2026. The transaction transforms Evernorth into a publicly traded digital asset treasury company focused on the XRP ecosystem.

Capital structure and holdings

At closing, Evernorth holds one of the largest XRP treasuries among public companies. The company raised capital from a global group of institutional and digital asset investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

The $300 million figure represents gross proceeds before transaction expenses. This liquidity position provides the company with significant capital to deploy across the XRP economy while maintaining the reporting standards required of a Nasdaq-listed entity.

Strategic focus and management commentary

Asheesh Birla, Founder and Chief Executive Officer of Evernorth, stated that the company aims to create an actively managed XRP treasury supported by public market governance. "We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP's utility, and pursuing strategies designed to grow XRP per share over time," Birla said.

Michael Arrington, founder of Arrington Capital, emphasized that the support for Evernorth aligns with the thesis that the XRP ecosystem would attract serious builders and capital. The company intends to act as a source of capital for tokenized assets, on-chain credit markets, and settlement infrastructure.

What the numbers show

The combination of a fixed digital asset holding (473 million XRP) and a substantial cash reserve ($300 million) creates a dual-mandate balance sheet. Unlike pure-play crypto ETFs that hold only tokens, Evernorth’s structure allows for active deployment of cash into yield strategies and ecosystem participation. This setup implies that shareholder value will be driven by two distinct vectors: the price appreciation of the underlying XRP assets and the operational returns generated from deploying the $300 million cash reserve into DeFi and institutional strategies.

Advisors and upcoming events

Citigroup Global Markets Inc. served as the Sole Private Placement Agent and is acting as Capital Markets Advisor to Evernorth. Cohen and Company Capital Markets and Northland Securities, Inc. served as financial advisors to Armada Acquisition Corp II.

Legal counsel was provided by Davis Polk & Wardwell LLP for Evernorth and Ripple, Skadden, Arps, Slate, Meagher & Flom LLP for Citigroup, and Wilson Sonsini Goodrich & Rosati for Armada Acquisition Corp II.

Evernorth expects to ring the Nasdaq closing bell on October 14, 2026, marking its formal public market debut.