Evernorth Holdings Goes Public on Nasdaq With 473M XRP Holdings
Evernorth completes SPAC merger with Armada Acquisition Corp. II, holding 473M XRP and $300M cash as shares debut under XRPN.
Evernorth Holdings, Inc. completed its business combination with Armada Acquisition Corp. II and entered the public markets with a substantial cryptocurrency position, the San Francisco-based company announced Thursday. Shares are set to begin trading on the Nasdaq exchange on October 12, 2026, under the ticker symbol XRPN.
The newly public company enters the market holding approximately 473 million XRP tokens alongside roughly $300 million in gross cash proceeds, positioning it as one of the more notable publicly traded entities with a concentrated XRP treasury. The dual-asset structure — combining a large digital asset holding with a significant cash cushion — reflects a strategy that mirrors corporate Bitcoin treasury models adopted by other firms in recent years, though the approach here centers on XRP specifically.
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The transaction was structured as a SPAC, or special purpose acquisition company, merger, a vehicle that allows private companies to access public capital markets through a reverse merger with an already-listed shell entity. Armada Acquisition Corp. II served as that vehicle, facilitating Evernorth's Nasdaq listing without a traditional initial public offering process.
The combination of a crypto-heavy balance sheet and a fresh capital raise could draw interest from institutional investors seeking regulated, publicly traded exposure to XRP, the digital asset associated with Ripple Labs and frequently at the center of U.S. regulatory scrutiny. Evernorth's listing arrives as the broader digital asset sector continues to watch for regulatory clarity in the United States.
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