Evernorth, a company investing in the Ripple (XRP) ecosystem, has completed its merger with special purpose acquisition company (SPAC) Armada Acquisition Corp. II and is set to list on the U.S. Nasdaq market. Trading will begin on October 12 (local time) under the ticker symbol 'XRPN'.

■ Listing via SPAC Merger... Securing 473 Million XRP and $300 Million

According to overseas crypto media outlet CoinGap, Evernorth completed its merger procedures on October 9 (local time). The listing was carried out not through a conventional initial public offering (IPO) but via a SPAC merger. CoinGap reported that through this transaction, Evernorth secured approximately 473 million XRP and $300 million in cash on a pre-expense basis. Evernorth plans to use these funds to expand XRP-related institutional investment services and infrastructure.

Armada Acquisition Corp. II, the merger partner, is backed by the Arrington XRP Capital Fund, and its shareholders approved the merger on September 30 (local time). Evernorth's investors include Arrington Capital, the SBI Group, Ripple, Pantera Capital, Kraken, and GSR. Evernorth also plans to hold a Nasdaq closing bell ceremony on October 14 (local time), which will be attended by company executives, investors, and stakeholders from the XRP ecosystem.

■ CEO Birla: "Investing in the XRP Economy and Building Infrastructure"... Increasing XRP Holdings Per Share Is a Long-Term Goal

Evernorth intends to expand its investments across the broader XRP ecosystem in conjunction with its Nasdaq listing. According to CoinGap, Evernorth founder and CEO Asheesh Birla stated that the company plans to invest in the XRP economy, build related infrastructure, and develop new use cases. In particular, he set increasing the amount of XRP held per share over the long term as a key goal. CEO Birla previously served as a senior executive in Ripple's payments business division.

Evernorth had announced its merger agreement in October 2025 (local time), unveiling a business strategy centered on institutional lending, liquidity provision, and XRP accumulation. It also plans to explore business opportunities in decentralized finance (DeFi) and other revenue-generating areas. CoinGap reported that Evernorth aims to expand its business beyond simply holding XRP, toward supporting tokenized assets, on-chain credit markets, and payments infrastructure. The company also plans to participate in the validation process of the XRP Ledger (XRPL) and has proposed ways to utilize Ripple's stablecoin RLUSD in the DeFi sector.

■ Regular Financial Disclosure Obligations After Listing... "XRP Holdings and Cash Status Can Be Verified"

Once Evernorth lists on Nasdaq, it will be subject to regular financial disclosure requirements. According to CoinGap, investors will be able to verify Evernorth's XRP holdings, cash status, and operating expenses through the company's filings. Information on the company's fund management activities and capital allocation will also be disclosed. However, Evernorth's financial condition may change as it buys or sells XRP and invests in new projects. CoinGap explained that future disclosures will additionally reveal information about Evernorth's revenue sources, operating expenses, and how it manages its holdings. Through this, investors are expected to be able to continuously track changes in the digital assets held by the company.

Michael Arrington, founder of Arrington Capital, stated that Evernorth's Nasdaq listing will serve as an opportunity to introduce capital and publicly-traded-company-level operational standards to the institutional investment business within the XRP ecosystem. Evernorth plans to use its secured resources to support XRP-related projects and services.

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