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Evernorth has completed its merger with Armada Acquisition Corp. II, gaining possession of approximately 473 million XRP and about $300 million in cash proceeds ahead of its expected Nasdaq debut on 12 October.
Evernorth announced on 9 October the completion of the merger and acquisition deal, as a result of which its XRP treasury and related investment plans were consolidated into a public company structure. The company said the cash amount of approximately $300 million was calculated before deducting transaction costs, and that the capital was provided by institutional investors and digital asset investors.
According to the announcement, the investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Armada, the merger partner, was a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP.
Evernorth Completed the Merger After Nasdaq Schedule Changes
In its closing announcement, Evernorth confirmed that the deal was completed in accordance with the merger agreement signed on 19 October 2025 and amended on 12 August 2026. The agreement involved Evernorth, Pathfinder Digital Assets, Ripple, Armada, and two subsidiaries participating in the merger.
Under the deal mechanism described in the 8-K filing, Pathfinder and the former Armada company became wholly owned subsidiaries of Evernorth. The document also recorded Armada's relocation from the Cayman Islands to Delaware on 8 October, when the company adopted the name Arrington Capital SPAC I Inc.
According to information provided by the company, the deal closed following approval by Armada shareholders at an extraordinary general meeting on 30 September. Evernorth originally planned to complete the merger on 7 October and begin trading on Nasdaq on 8 October.
The company postponed its Nasdaq debut after an administrative issue changed the schedule. In its 6 October update, Evernorth said the issue was not expected to prevent the deal from closing, and set 9 October as the revised closing date.
Following the completion of the merger, the closing bell announcement remains the expected date of the first day of trading in Evernorth common shares under XRPN — 12 October. The company also expects its management, investors, and XRP ecosystem participants to attend the Nasdaq closing bell ceremony on 14 October.
XRP Treasury Combines Purchases and Contributed Tokens
According to Evernorth's deal completion announcement, the company's assets total approximately 473 million XRP. Earlier deal documents show that the funds were raised through several channels, including cash purchases and contributions from parties that supported the merger.
An analysis of the XRP treasury composition dated 30 September determined that the projected end-of-period balance, according to the assumptions set out in the definitive document, is at least 473 276 430 XRP. The disclosed information includes 126 791 458 XRP provided by Ripple, and approximately 211.32 million XRP associated with the sponsor.
According to the disclosed information, a separate amount contributed by related parties totaled 50 million XRP, and the forward and deferred funding agreements included another 800 000 tokens. The documents also state that approximately 84.37 million XRP were purchased for $214 million.
In a previous report, the average purchase price was approximately $2,53657 per token. The analysis drew a distinction between documented cash purchases and contributed funds, rather than applying the purchase price to all XRP tokens in the planned treasury.
For U.S. equity market investors, the same analysis, based on proxy metrics, described XRPN as a company holding corporate shares. The company owns the XRP treasury; shareholders do not receive a direct right to redeem a specific number of tokens.
According to this analysis, the risk exposure per share also depends on the number of shares outstanding, liabilities, financing, and transaction costs. The proxy statement separately addressed warrants and other securities, as well as the expected XRP balance.
Evernorth Plans to Invest Capital in XRP
In the closing announcement, founder and CEO Ashish Birla said Evernorth will actively manage its treasury assets and support XRP infrastructure and use cases. He named increasing the amount of XRP held per share as one of the goals of the company's treasury management strategy.
Birla said:
"We will direct capital toward growing the XRP economy, supporting the infrastructure and use cases that will expand the capabilities of XRP".
In a previous filing with the U.S. Securities and Exchange Commission (SEC), the company identified tokenized assets, on-chain credit markets, and settlement infrastructure as areas where it intends to deploy capital. In that filing, Evernorth stated that its model will combine XRP token ownership with infrastructure investments, rather than relying solely on buying and holding tokens.
According to the company's description, Evernorth also plans to pursue income-generating strategies involving institutional and decentralized finance instruments, participate in the ecosystem, and engage in capital markets activities. In the disclosed information, these activities are presented as planned strategies for increasing XRP value per share.
In a filing with the U.S. Securities and Exchange Commission (SEC), Evernorth stated its intention to operate in accordance with the reporting, corporate governance, and disclosure standards adopted by Nasdaq-listed companies. The filing also notes that the SEC statement declaring the registration statement effective does not constitute an endorsement of the investment merits of the transaction.
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