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XRP’s Nasdaq Moment Is Here: Evernorth Completes Merger
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Evernorth Completes SPAC Merger, Set to Trade on Nasdaq
Evernorth Holdings, Inc., a digital asset treasury company, has finalized its merger with Armada Acquisition Corp. II, a special purpose acquisition company initiated by Arrington XRP Capital Fund, LP. This merger positions Evernorth to provide institutional access to the XRP ecosystem at scale. The company's common stock is expected to begin trading on Nasdaq under the ticker symbol XRPN on October 12, 2026, with plans to ring the Nasdaq closing bell on October 14.
At the time of the merger's completion, Evernorth holds approximately 473 million XRP and has raised around $300 million in gross cash proceeds before transaction expenses. The company's investors include notable firms such as Arrington Capital, SBI Group, Ripple, Pantera Capital, and Kraken. Founder and CEO Asheesh Birla emphasized the aim of establishing an actively managed XRP treasury to foster ecosystem growth and enhance transparency and governance in public markets.
As the landscape of institutional on-chain finance evolves, Evernorth seeks to address the growing demand for capital in tokenized assets, on-chain credit markets, and settlement infrastructure. The company is committed to adhering to the reporting, governance, and disclosure standards expected of Nasdaq-listed entities. Michael Arrington, founder of Arrington Capital, highlighted that supporting Evernorth aligns with their XRP investment thesis, which aims to facilitate scalable capital and active participation in the market.
Source: KLEA News