Evernorth
Evernorth (Evernorth Holdings Inc.) is a San Francisco-based digital asset treasury company holding XRP, led by former RippleRippleRipple is an American fintech company, legally named Ripple Labs Inc., that provides banks, payment providers, funds, and businesses with blockchain- and digital asset-based cross-border payments, digital asset custody, a U.S. dollar stablecoin, prime brokerage, and corporate treasury management services. Its business makes extensive use of the public XRP Ledger blockchain and its native token XRP, but neither is the same as the company itself; from 2020 to 2025, the company fought a nearly five-year legal battle with the U.S. Securities and Exchange Commission over whether its XRP sales were unregistered securities offerings.Open the full entry executive Asheesh BirlaAsheesh BirlaAsheesh Birla is a fintech and digital asset executive who worked at Ripple from 2013 to 2022, including as general manager of RippleNet, and is the founder and chief executive officer of the XRP treasury company Evernorth.Open the full entry, which listed on Nasdaq under the ticker “XRPN” in October 2026 through a merger with the special purpose acquisition company Armada Acquisition Corp. II.
Contents11 sections
Key facts
August 29, 2025Incorporation of Evernorth Holdings Inc.
On August 29, 2025, Evernorth Holdings Inc. was incorporated in Nevada, United States, as the listing entity for the planned merger transactions.[1]
October 20, 2025Announcing the Merger With Armada Acquisition Corp. II
On October 20, 2025, Evernorth announced that it would merge with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company, expecting to raise more than $1 billion in gross proceeds, including $200 million from SBI; Ripple, Rippleworks, Pantera Capital, Kraken and GSR, among others, also invested. The combined company planned to trade on Nasdaq under the ticker “XRPN,” and the transaction was then expected to close in the first quarter of 2026.[2]
The company said the net proceeds would mainly fund open-market purchases of XRP, and that it planned to increase XRP per share through institutional lending, liquidity provision and decentralized finance yield, while also operating XRP Ledger validators.[2]
Ripple co-founder Chris Larsen said he would invest 50 million XRP; Brad Garlinghouse, Stuart Alderoty and David Schwartz were expected to serve as strategic advisors.[3]
Chief executive Asheesh Birla left Ripple’s board at the same time to join Evernorth’s board; the company also said it planned to pursue acquisitions and build an investment team.[4]
November 4, 2025Announcing Additional XRP Purchases
On November 4, 2025, Evernorth announced additional XRP purchases worth $214 million, bringing its total purchased and committed XRP to more than 473,276,430; agreements disclosed the same day included a Ripple affiliate’s subscription for 50 million XRP and a separate contribution of 126,791,458 XRP by Ripple.[5]
March 2026Filing the S-4 Registration Statement
In March 2026, an S-4 registration statement for the merger was filed with the U.S. Securities and Exchange Commission, showing that the combined entity would operate as Evernorth Holdings Inc. and hold at least 473 million XRP at launch. Armada Acquisition Corp. II had completed its initial public offering in May 2025, raising about $230 million.[6]
August 27, 2026S-4 Registration Statement Declared Effective
On August 27, 2026, the U.S. Securities and Exchange Commission declared the registration statement effective; Armada Acquisition Corp. II then scheduled a special shareholder meeting for September 30, 2026 to vote on the merger, with the transaction expected to close in late third quarter or early fourth quarter of 2026.[7]
September 30, 2026Armada Shareholders Approve the Merger
On September 30, 2026, Armada Acquisition Corp. II shareholders approved the merger at an extraordinary general meeting. The company had planned to begin trading on October 8, then moved the start to October 12 for administrative reasons, saying this was not expected to affect closing.[8]
October 9, 2026Completing the Business Combination
On October 9, 2026, Evernorth Holdings Inc. announced that it had completed its business combination with Armada Acquisition Corp. II, sponsored by Arrington XRP Capital Fund, LP; at closing the company held about 473 million XRP and had about $300 million in gross cash proceeds before transaction expenses. Investors named in the announcement included Arrington CapitalArrington CapitalArrington Capital is a firm that invests in digital assets and Web3 and manages funds including Arrington XRP Capital Fund; since 2025, through that fund, it has served as sponsor of the special purpose acquisition company Armada Acquisition Corp. II, driving its merger with the XRP treasury company Evernorth.Open the full entry, SBI Group, Ripple, Pantera Capital, Kraken and GSR.[9]
October 12, 2026Trading Begins on Nasdaq
As of October 2026: Leadership
As of October 2026, Evernorth describes itself as a digital asset treasury company providing exposure to XRP. Its leadership team includes chief executive officer Asheesh Birla, chief business officer Sagar Shah, chief financial officer Matt Frymier, chief legal officer Jessica Jonas, chief operating officer Meg Nakamura, chief risk officer Boris Kapeller and chief communications officer Charles Stewart.[12][9]
Related Organizations, Websites, and Public Accounts
Evernorth: Official website: https://www.evernorth.xyz/ (opens in a new window)[12]
Sources
- Evernorth Holdings Inc. - Form DRS/A (opens in a new window)
- Evernorth to Go Public With Over $1 Billion in Gross Proceeds (opens in a new window)
- Ripple vets and crypto heavyweights back $1 billion Evernorth SPAC to build largest public XRP treasury (opens in a new window)
- Ripple-backed Evernorth set to raise over $1 billion in US listing to hoard XRP token (opens in a new window)
- Armada Acquisition Corp. II - Form 425 (opens in a new window)
- XRP treasury firm Evernorth files S-4 registration for $1 billion SPAC deal (opens in a new window)
- Evernorth Holdings Inc. - Form 425 (opens in a new window)
- Evernorth pushes XRPN Nasdaq trading debut to Oct 12 (opens in a new window)
- Evernorth Completes Business Combination with Armada Acquisition Corp. II (opens in a new window)
- Evernorth Holdings Inc. - Form 8-K (opens in a new window)
- Evernorth Hits Nasdaq With 473 Million XRP as XRPN Trading Begins (opens in a new window)
- Evernorth (opens in a new window)