XRP treasury company Evernorth completes merger with SPAC, to list on Nasdaq on October 12, holding 473 million XRP.

BlockBeats news, October 10 - XRP treasury company Evernorth Holdings announced that it has completed its business combination with special purpose acquisition company Armada Acquisition Corp. II and will begin trading on the Nasdaq on October 12 under the ticker symbol XRPN. Following the completion of the transaction, Evernorth holds approximately 473 million XRP and has received approximately $300 million in gross cash proceeds, before deducting transaction fees.

Evernorth is backed by investors including Arrington XRP Capital, with additional investors including SBI Group, Ripple, Pantera Capital, Kraken, and GSR. The company positions itself as an actively managed XRP treasury, planning to deploy capital into the XRP ecosystem, participating in institutional-grade on-chain finance, tokenized assets, on-chain credit and settlement infrastructure, and through institutional and DeFi yield strategies, ecosystem building, and capital markets activities, driving long-term growth in XRP holdings per share.