Evernorth Merges with XRP, Signaling Nasdaq-Level Growth

Evernorth Completes Merger, Poised for Nasdaq Debut

Evernorth, a company focused on XRP treasury management, has finalized its business combination with Armada Acquisition Corp. II, overcoming a significant obstacle ahead of its planned listing on the Nasdaq stock exchange.

Upon entering the public markets, Evernorth will hold an estimated 473 million XRP tokens and approximately $300 million in gross cash proceeds. This development offers public market investors access to one of the largest corporate holders of XRP, with ambitions extending beyond simply holding the digital asset. The merger’s completion, announced Friday evening, follows a shareholder vote where approximately 20.5 million Armada shares were cast in favor of the transaction, against 1.4 million opposed.

At the time of the shareholder vote, Evernorth had reported raising over $1 billion through the transaction and accompanying private placements. The company’s previous investors include notable entities from both the cryptocurrency and traditional finance sectors, such as Ripple, SBI Group, Panter Capital, GSR, and Arrington Capital.

Michael Arrington, founder of Arrington Capital, commented on the development, stating, “Our conviction in XRP has always been rooted in the belief that the ecosystem would continue to mature, attracting serious builders and capital. Our support for Evernorth is a natural extension of that thesis. It brings scaled capital, active participation, and the standards of a public company, playing a critical role in the institutional development of this infrastructure.”

The final timeline for the Nasdaq debut has seen a slight adjustment from initial projections. Evernorth had previously anticipated closing the deal on October 7 and commencing trading the following day. However, with the transaction now complete, the official Nasdaq debut is scheduled for Monday, October 12, with management expected to ring the closing bell on October 14, according to the announcement.

Evernorth characterizes itself as an actively managed XRP treasury. CEO Asheesh Birla indicated that the company plans to deploy capital within the XRP economy and pursue strategies aimed at increasing XRP per share over time.

The company’s strategy involves participation in institutional and decentralized finance (DeFi) yield generation, ecosystem infrastructure development, on-chain credit markets, and other capital markets activities. Evernorth emphasized that this approach differentiates it from passive investment vehicles that merely track the price of the cross-border token.