XRP Treasury Company Evernorth Submits S-4 Filing, Aims to Raise $1 Billion through SPAC Merger for Public Listing

BlockBeats News, March 19th, according to The Block, Ripple-backed crypto firm Evernorth announced it has publicly filed an S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) to advance a business combination with Arrington Capital's SPAC company, Armada Acquisition Corp. II. Upon completion of the merger, Evernorth aims to become a publicly traded XRP treasury company on Nasdaq, with the stock ticker symbol XRPN.
Evernorth plans to raise over $1 billion through this transaction, primarily to conduct open market purchases of XRP and establish a globally leading institutional-grade XRP treasury. Unlike passive crypto funds or ETPs, Evernorth will focus on achieving long-term growth in XRP holdings through lending, liquidity provision, and DeFi yield strategies. The company also intends to operate XRP validator nodes and integrate Ripple's RLUSD stablecoin into the DeFi ecosystem.

Investors include Japan's SBI Holdings (committing to invest $200 million), Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Ripple CEO Brad Garlinghouse and other executives will serve as strategic advisors.