Evernorth Completes SPAC Merger, XRPN Begins Trading on Nasdaq October 12 With 473M XRP

Published October 11, 2026, 22:25 PKT. Based on Evernorth's October 9 PR Newswire announcement, the company's October 6 Form 8-K filed with the SEC, and reporting by U.Today, BeInCrypto and Cointime.

Evernorth Holdings, Inc. has completed its business combination with Armada Acquisition Corp. II, the special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP, and will begin trading on the Nasdaq Stock Market under the ticker XRPN on October 12, the company announced October 9. The listing makes Evernorth the first publicly traded company built as a pure-play XRP treasury, entering the market with about 473 million XRP and roughly $300 million in gross cash proceeds before transaction expenses.

The 473 million XRP treasury

At closing, Evernorth held approximately 473 million XRP, a position the company describes as the largest publicly traded pure-play XRP treasury. Ripple, the payments company closely tied to the XRP ecosystem, contributed about 126.8 million of those tokens directly, according to Blockonomi. With XRP trading near $1.00, the token stack is worth roughly $473 million, putting the company's total deployable assets close to $773 million.

The company also closed with about $300 million in gross cash proceeds from the transaction. Investors in the deal include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others. Evernorth plans to ring the Nasdaq closing bell on October 14, according to Cointime.

More than $1 billion committed

The transaction and its related private placements raised more than $1 billion in total, the companies said when Armada shareholders approved the merger on September 30. The raise included roughly $225 million in private placements, $30 million in convertible notes and about $48 million held in Armada's trust account, according to cryip.co's reporting on the filings. Evernorth is led by founder and chief executive Asheesh Birla, a former Ripple executive who worked on the company's cross-border payments infrastructure.

"In setting out to build Evernorth, our goal was to create something unique: an actively managed XRP treasury purpose-built to support the growth of the ecosystem with the transparency and governance that public markets demand," Birla said in the announcement. "Completing this transaction today marks a significant milestone of bringing this company to market."

Growing XRP per share

Evernorth said it will pursue strategies designed to grow XRP per share over time, deploying capital across the XRP economy, supporting infrastructure and use cases that expand the token's utility, and running DeFi yield strategies on its holdings. Michael Arrington, founder of Arrington Capital, called the listing an extension of his firm's XRP thesis, saying it brings scalable capital, active participation and public company standards to the ecosystem.

The debut arrives as regulated XRP exposure is expanding in U.S. markets. Spot XRP ETFs were the only U.S. crypto fund category in the green last week, according to MABOnChain's October 10 report. Evernorth's shares are designed to give equity investors a regulated, transparent route to XRP performance without buying or custodying the token directly.

The delayed debut

Trading was originally expected to start on October 8, but an administrative delay pushed the schedule back. Evernorth disclosed the change in a Form 8-K signed by Birla on October 6, moving the merger close from October 7 to October 9. The company's official notice described the shift as a technical administrative issue and said it would not affect the final closing, U.Today reported. Armada's shareholders had unanimously approved the combination at an extraordinary general meeting on September 30, as shown in a separate Form 8-K.

This article is news reporting and is not investment advice.

Sources

• Evernorth Holdings, Inc., "Evernorth Completes Business Combination with Armada Acquisition Corp. II" (PR Newswire, October 9, 2026), primary source for the merger completion, the 473 million XRP holding, the $300 million in gross cash proceeds, the October 12 trading start under XRPN, and Birla's statement
• U.S. Securities and Exchange Commission, Evernorth Holdings Form 8-K filings (October 1 and October 6, 2026), primary source for the September 30 shareholder approval and the revised closing schedule
• U.Today, "XRP Holders Now Need to Wait Until October 12 as Nasdaq Listing Is Postponed" (October 7, 2026), secondary source for the administrative delay and the company's official notice
• BeInCrypto (via CryptoRank), "XRP Treasury Giant Delays Nasdaq Debut" (October 7, 2026), secondary source for the deal structure and the 473 million XRP figure
• Cointime, "Evernorth Completes SPAC Merger, to List as XRPN" (October 10, 2026), secondary source for the October 14 closing bell and investor details