Evernorth has announced a business agreement with Armada Acquisition Corp II in a deal expected to create a Nasdaq-listed company focused on building what it describes as an institutional XRP treasury.
The transaction is anticipated to bring in over $1 billion in total earnings, which includes $200 million from SBI and additional backing from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen.
Evernorth ties public listing plans to XRP treasury strategy
The proposed transaction would mean that the combined company would operate under the Evernorth name after closing. However, in a separate update included in its Form S-4 filing, the company indicated that its securities are expected to trade under the ticker symbol “XPRN” on The Nasdaq Stock Market LLC, subject to exchange approval.
The transaction has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2026, subject to shareholder approval and other customary closing conditions. Evernorth also reported that it has filed a Form S-4 registration statement with U.S. SEC for public filing in connection with the proposed deal.
According to the filing update, the registration statement includes a preliminary proxy statement and prospectus outlining the company’s business plan, strategy, financials, leadership team, and long-term plans.
Company says proceeds will fund XRP accumulation and ecosystem activity
Evernorth said its model is intended to provide investors with exposure to XRP through a publicly listed corporate structure rather than through a passive exchange-traded fund.
In addition to accumulating XRP as a reserve asset, Evernorth said it plans to allocate resources toward validator participation, decentralized finance integration, and market development tied to the XRP Ledger. These efforts include hosting XRP validators and using Ripple’s RLUSD stablecoin as a gateway to decentralized finance on the XRP network.
The company stated that its objective is to act as a long-term participant in the institutional development of the XRP Ledger while maintaining operational independence. It added that every Class A share of the issuing company, Armada II, which will not be redeemed in cash pursuant to the terms of the SPAC’s governing documents, will convert into Class A shares of Evernorth on a one-for-one basis at closing.
Leadership structure includes a former Ripple executive
Evernorth is headed by Chief Executive Officer Asheesh Birla, a former Senior Ripple executive who worked on the company’s cross-border payments business. The leadership team consists of: CFO Matthew Frymier, COO Meg Nakamura, CLO Jessica Jonas, and CBO Sagar Shah.
Evernorth stated that this structure is designed to be compatible with the XRP ecosystem while maintaining autonomy in governance.
The company’s announcement came along with updated network figures cited by Evernorth-linked communications. According to the data shared by Evernorth, XRP broke the 7.7 million mark for non-empty wallets, while active addresses increased to 46,767 on March 16, a five-week high.
In addition, the data showed that tokenized commodities on XRP rose from $111 million to $1.14 billion in 2026, giving the network over 15% of the global market. Furthermore, daily transactions on the XRP Ledger were reported to have increased to almost 3 million over the past week, while 27,000 AMM pools were observed.
