Evernorth to Build Global Institutional XRP Reserve With Over $1B in Funding After Merger With Armada Acquisition, Plans Nasdaq Listing as XRPN

Evernorth Holdings has officially commenced operations and inked a business merger agreement with Armada Acquisition Corp II (Nasdaq: AACI). Upon closing, the merged entity will preserve the Evernorth brand and pursue a Nasdaq listing under the symbol XRPN, signaling a path to scale XRP on an institutional level, pending standard approvals.

Funding is projected to exceed $1 billion, anchored by a $200 million investment from SBI and supported by commitments from Ripple, Rippleworks, Pantera Capital, Kraken, GSR, and others. Notably, Chris Larsen joined the round. Proceeds are earmarked primarily for open-market purchases of XRP to build a globally scalable, institutional-grade asset reserve, with portions reserved for working capital and transaction-related expenses.

The plan emphasizes a disciplined capital allocation framework to support liquidity provisioning and asset reserves, aligning with open-market XRP acquisitions and ongoing corporate needs, subject to regulatory compliance and listing conditions.