XRP treasury firm Evernorth completes deal to list under XRPN

Evernorth completed its merger with Armada Acquisition Corp. II on Friday, entering the public markets with approximately 473 million XRP and approximately $300 million in gross cash proceeds before transaction expenses. The XRP treasury company expects its common stock to begin trading on Nasdaq on October 12 under the ticker XRPN. Armada is a special purpose acquisition company sponsored by Arrington XRP Capital Fund. Founder and CEO Asheesh Birla said Evernorth intends to actively deploy capital across the XRP economy, support infrastructure and new use cases, and pursue strategies designed to grow XRP per share over time. The company’s investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. Evernorth first announced the merger agreement in October 2025. At the time, it outlined a public treasury strategy combining XRP accumulation with institutional lending, liquidity provision and decentralized finance yield opportunities. Birla previously served as a senior executive at Ripple, helping build its payments business. That strategy extends beyond holding XRP. Evernorth says it intends to provide capital for tokenized assets, onchain credit markets...