Evernorth Holdings, Inc. (Nasdaq: XRPN) said it completed its business combination with Armada Acquisition Corp. II on October 9, 2026. The company describes itself as "a digital asset treasury company building institutional access to the XRP economy at scale." Evernorth said that at closing it held approximately 473 million XRP and had raised approximately $300 million in gross cash proceeds, before transaction expenses. Trading in Evernorth's shares on Nasdaq under the ticker XRPN is set to begin October 12, 2026.
Armada Acquisition Corp. II was a special purpose acquisition company — a listed vehicle that raises capital and then seeks to combine with an operating business. In a completed business combination of this kind, the public shell and any additional investment raised alongside the closing become the capital of the surviving company, which in this case is Evernorth.
Citigroup Global Markets Inc. acted as sole private placement agent and capital markets advisor to Evernorth, with Davis Polk & Wardwell LLP serving as the company's legal counsel. Wilson Sonsini Goodrich & Rosati, P.C. served as legal counsel to Armada; Cohen and Company Capital Markets and Northland Securities Inc. advised Armada, and Skadden, Arps, Slate, Meagher & Flom LLP advised Citigroup, according to the release.
The company said its strategy is "strategies designed to grow XRP per share over time through institutional and DeFi yield strategies, ecosystem participation, and capital markets activities." Chief executive Asheesh Birla said: "We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP's utility."
The release names Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR as investors in the transaction, and identifies Arrington XRP Capital Fund, LP as sponsor of the Armada vehicle.
Evernorth said it expects to ring the Nasdaq closing bell on October 14, 2026, an event it said will bring together company leadership, investors and members of the XRP ecosystem. Trading under the ticker XRPN begins two days earlier, on October 12, 2026.