- Evernorth Holdings completed its merger with Armada Acquisition Corp. II on 9 October, and its shares are expected to start trading on Nasdaq under XRPN on 12 October, US time.
- Redemptions took about US$195.39 million out of the shell’s trust, leaving Evernorth about US$47.6 million from it.
- SBI Holdings holds 39.9% of Evernorth’s voting shares, while Ripple and its affiliates were capped at 9.9% of the vote.
Evernorth Holdings completed its merger with Armada Acquisition Corp. II on 9 October, bringing about 473 million XRP to a company set to list on Nasdaq.
Its shares are expected to begin trading under the ticker XRPN on 12 October, US time, Evernorth said in its closing release. Evernorth also put its gross cash at about US$300 million (AU$429 million), before transaction expenses. It plans to ring the Nasdaq closing bell on 14 October.
The deal closed two days after the 7 October date Evernorth set when shareholders approved it. Its backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.
Founder and chief executive Asheesh Birla said Evernorth will deploy capital across the XRP economy, backing infrastructure and uses for the token. The company aims to grow its XRP per share through institutional and DeFi yield strategies, ecosystem participation and capital markets activity.
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Public Holders Cashed Out
Holders of 18,463,753 Armada II shares redeemed them for cash at about US$10.58 (AU$15.13) each, Evernorth’s 8-K filing shows. That came to about US$195.39 million (AU$279.41 million), or roughly 80.3% of the shares that carried redemption rights.
The redemptions followed a week in which Armada II shares nearly quadrupled ahead of the merger. After the payouts, about US$47.6 million (AU$68.07 million) of the trust went to Evernorth, according to pro forma accounts filed with the 8-K.
A weaker XRP price also cut the stock issued to Ripple and most of the deal’s investors. Their share counts were scaled by an XRP closing price of about US$1.43 (AU$2.05), set against about US$2.37 (AU$3.39) when the deal was signed in October 2025.
SBI Holdings owns 39.9% of Evernorth’s voting Class A stock, the filing’s ownership table shows. Arrington’s fund holds 19.9% of that class and 91% of the non-voting Class C shares.
Ripple co-founder Chris Larsen is counted at 9.9% of the vote through Ripple and the Larsen Lam Children’s Remainder Trust, the ceiling the deal set for Ripple and its affiliates. Ripple, the trust and the sponsor have agreed not to transfer their shares for six months after closing.
Books Stay at Cost
Closing made Evernorth a related party of Ripple, no longer a wholly owned subsidiary. Evernorth’s management decided its XRP still falls outside FASB’s 2023 fair-value standard for crypto assets, so the tokens stay at cost less impairment.
The lowest Coinbase price between 1 July and closing, US$0.99 (AU$1.42), would add US$6.9 million (AU$9.87 million) in impairment, the pro forma accounts state.
Evernorth’s 388.7 million XRP purchase in October 2025 came at an average of US$2.44 (AU$3.49). XRP traded at US$1.41 (AU$2.02) on Monday, according to CoinGecko.
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