Evernorth Holdings, supported by Ripple, is moving closer to its merger with special purpose acquisition company Armada Acquisition Corp II, setting the stage to become the largest publicly traded XRP treasury on Nasdaq under the ticker XRPN. This merger follows Evernorth’s recent amendment filing of its Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC), marking a key step in the approval process.
The company has consolidated significant funding exceeding $1 billion from investors such as Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken. Ripple alone has contributed over 126 million XRP tokens to the treasury. Beyond acting as a custodian for XRP, Evernorth plans to run XRPL validators and integrate XRPL-based stablecoins like RLUSD, enabling institutional decentralized finance (DeFi) lending and tokenized real-world asset opportunities.
Evernorth’s business model will focus on transparent performance metrics, including XRP-per-share and yield-per-token measures, to deliver value to shareholders. However, while combined cash reserves from Evernorth and its merger partners grew through the first quarter of 2026, the overall pro forma valuation dipped due to a decline in XRP market prices. The treasury’s XRP holdings were valued at approximately $387 million, down from prior estimates, pulling the pro forma combined value of the entities from $1.1 billion to nearly $870 million.
The company has appointed a diverse board of directors featuring Ripple’s Chief Legal Officer Stuart Alderoty, CEO Asheesh Birla, Ted Janus, along with financial and operational executives from the OpenAI Foundation and Antalpha. This leadership lineup is positioned to guide Evernorth’s transition as a pioneering XRP treasury on a major exchange.
Currently, the SEC is reviewing the updated registration, and once the S-4 statement is declared effective, Armada Acquisition Corp II shareholders will vote on the merger. Meanwhile, XRPN stock has experienced slight downward movement in premarket trading, partially reflecting recent XRP price volatility, which dropped over 2% within the last 24 hours, trading near $1.30.
Japan-based SBI Holdings remains a dominant shareholder within the treasury structure, with potential to increase its voting stake significantly if stock redemptions cause dilution. XRPN stock has gained more than 3% year-to-date despite recent fluctuations, highlighting investor interest amid evolving market conditions.