Evernorth Completes SPAC Merger With 473 Million XRP Ahead of Nasdaq Debut

Evernorth Closes SPAC Merger

Evernorth, a treasury company built to accumulate and manage XRP, completed its business combination with special purpose acquisition company Armada Acquisition Corp II on Friday, October 9. The combined company's shares are scheduled to begin trading on the Nasdaq on Monday, October 12, under the ticker XRPN. At closing, Evernorth held approximately 473 million XRP, a position the company valued at about ¥104.1 billion, and the merger delivered roughly $300 million in gross cash proceeds before transaction costs are deducted.

A SPAC is a listed shell that raises capital first and merges with an operating business later, which gives the target a public listing without a conventional IPO roadshow. The sponsor behind Armada is Arrington XRP Capital Fund LP, a fund tied to a manager already operating inside the XRP ecosystem, and Evernorth chose that route with the alignment in mind. Evernorth operates as a treasury company, a structure in which the equity is effectively a claim on the assets held: the stock's value tracks both the token on the balance sheet and the market's view of management's ability to grow the position per share. In its October 1 announcement, the company claimed the title of the largest listed XRP-focused treasury company, and aggregate data on CoinGecko currently ranks its holdings first in that category. For the XRP price, the completion creates a new large accumulator with a permanent, auditable corporate balance sheet behind it, a structural difference from fund flows that can reverse week to week. That balance sheet is also what separates Evernorth from a pooled vehicle: shareholders own a piece of a company, not units of a fund, and the company can raise fresh capital against its equity to buy more tokens.

Ripple and SBI Among Backers

The company frames the listing around a capital thesis rather than a simple accumulation story. In the October 1 announcement, Evernorth argued that as blockchain-based finance for institutional users develops, tokenized assets, credit markets in DeFi 2.0 and expanded payment infrastructure will all require dedicated capital, and it intends to be the supplier of that capital to the XRP economy. It plans to do this while operating under the reporting, governance and disclosure standards of a Nasdaq-listed issuer, a governance posture it presents as a distinguishing feature among treasury vehicles.

The capital behind the combination came from a broad investor group. The register includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, which the company describes as a worldwide group of institutional and digital-asset investors. Ripple's involvement stands out because the issuer entered the leveraged ETF market worth some $256 billion earlier this year, which puts it on both sides of the capital structure it now helps fund. Chief executive Ashish Bahl set the operating priority after completion: deploy capital into the XRP economy, support the expansion of infrastructure and use cases, and increase the amount of XRP held per share. That last metric is the number treasury-company investors will track, because it measures whether token accretion outpaces the share issuance that financings like this one create. The October 1 announcement preceded the closing by just over a week, an unusually short interval between the go-public claim and the completion itself.

Our reading: the listing turns XRP demand into an equity wrapper that can raise capital repeatedly, but the buying itself will be largely indirect. Treasuries of this size typically accumulate through negotiated blocks routed by market makers, which limits slippage on the token but means the flow will not print as visible exchange volume, and it will tend to stiffen support and resistance levels rather than chase price. The timing matters too, with XRP ETF investors sitting 13% underwater on early entries after a stretch of slowing dip-buying. One distinction should be kept straight: XRPN is not a spot fund holding XRP for shareholders, it is an operating company whose value depends on growing XRP per share. For direct token access, our guide on where and how to buy XRP covers the exchange route.