Arrington Capital

Michael Arrington (J. Michael Arrington) founded Arrington Capital Management, LLC and has served as its Managing Member since December 2017; the firm is described as a web3 multi-strategy hedge fund. Arrington founded the technology news site TechCrunch in 2005; before that he practiced corporate law and co-founded several startups, and he established the venture firm CrunchFund before turning to cryptocurrency and web3 investments.⁠[1][1][1]

The firm’s fund Arrington XRP Capital Fund, LP was organized as a Delaware limited partnership in 2017 and is categorized as a hedge fund in its filings with the U.S. Securities and Exchange Commission; its general partner is Arrington Capital Management, and Arrington is listed as managing member of the general partner. The fund made its first sale on January 2, 2018; a Form D filed in January 2018 reported $54 million sold, with a registered address in Seattle at the time.⁠[2][2][2][2][2][2][2][2][2]

Since August 2021, Arrington has also served as Managing Member of Arrington Capital Investment Management, LLC.⁠[3]

On August 1, 2022, Arrington Moonbeam Growth Fund, LP made its first sale; the fund is a Delaware limited partnership, and a Form D filed in September 2024 reported $1.15 million sold.⁠[4][4][4]

Since June 2023, Taryn Naidu has served as Partner and Chief Operating Officer at Arrington Capital Investment Management. He was Chief Operating Officer of Rigetti Computing from March 2019 to April 2022, and Chief Executive Officer of the domain services company Rightside Group from August 2014 to August 2017.⁠[3][1][1][1]

On August 12, 2025, Arrington XRP Capital Fund signed a Sponsor Securities Purchase Agreement with the special purpose acquisition company (SPAC) Armada Acquisition Corp. II and its original sponsor, acquiring all of the SPAC securities held by the original sponsor, including 7,880,000 Class B ordinary shares, 400,000 Class A ordinary shares, and 200,000 private placement warrants, and becoming the new sponsor. After closing, Taryn Naidu and Kyle Horton became the SPAC’s Chief Executive Officer and Chief Financial Officer, respectively; Michael Arrington, Taryn Naidu, Richard Danis, Lindy Key, and Ronald Palmeri took over as directors, with Arrington serving as Chairman since August 2025; the company’s office address moved from Philadelphia to Miami.⁠[5][1][1][1][1][3][6][6]

Arrington is the sole managing member of Arrington Capital Management, which is the general partner of the sponsor fund; Arrington is therefore deemed to hold voting and dispositive control over the SPAC securities held by the sponsor, but he disclaims beneficial ownership of these securities beyond his pecuniary interest.⁠[3][3]

On October 20, 2025, Evernorth Holdings, a newly formed Nevada corporation, announced the execution of a business combination agreement with Armada II (dated October 19); the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker XRPN. The transaction is expected to raise over $1 billion in gross proceeds, including $200 million from SBI and investments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and others, with net proceeds primarily funding open-market purchases of XRP to build an institutional XRP treasury. Arrington XRP Capital Fund is the SPAC’s sponsor, and Rippleworks’ investment in the private placement (PIPE) is also being made through this fund.⁠[7][8][7][7][7][7][7]

Evernorth’s S-4 registration statement was declared effective on August 27, 2026. On September 30, 2026, Armada II held an extraordinary general meeting of shareholders that approved the business combination, merger, and domestication proposals; under the domestication proposal, the SPAC will move from a Cayman Islands exempted company to a Delaware corporation and be renamed Arrington Capital SPAC I Inc. As stated on September 17, 2026, the business combination is expected to close in the fourth quarter of 2026.⁠[9][8][8][8][8][8][9]

Arrington Capital describes itself as a thesis-driven firm dedicated to investing in digital assets and Web3 that has invested in over 200 early-stage companies in the crypto ecosystem since 2017, with a team made up of entrepreneurs, founders, and executives; its business focuses primarily on blockchain-based capital markets.⁠[10][10][11]

In an amended Form D filed on September 9, 2026, Arrington XRP Capital Fund reported a cumulative $952,991,016 in interests sold since its first sale in 2018 (with an indefinite total offering amount); Arrington Capital Management’s 13F filing as of June 30, 2026 listed 46 holdings with a total market value of $162,714,337, gave a filing address in Miami, and was signed by Taryn Naidu as Chief Compliance Officer.⁠[12][12][13][13][13][13]

The firm also produces The Pirate Pod, an interview podcast for Web3 entrepreneurs covering new apps, DeFi, trading, infrastructure, and capital markets.⁠[14][14]

Arrington Capital: Official website: https://www.arringtoncapital.com/ (opens in a new window).⁠[10]

X: Public account: https://x.com/Arrington_Cap (opens in a new window)⁠[10]