Evernorth Holdings has entered into a landmark merger agreement with Armada Acquisition Corp II, aiming to launch the world’s largest publicly traded XRP treasury. The combined entity, valued at over $1 billion, will be listed on Nasdaq under the new ticker symbol XRPN. Armada Acquisition Corp II, a special purpose acquisition company (SPAC), is currently traded on Nasdaq with the ticker AACI, and this deal marks a pivotal moment for the expansion of institutional crypto investment vehicles.
Institutional Backing and Investment Details
The merger boasts significant backing from major players in the financial world. Japanese financial giant SBI has pledged $200 million in support of the deal. Other prominent investors include Ripple, Pantera Capital, crypto exchange Kraken, market maker GSR, and the philanthropic foundation Rippleworks. Chris Larsen, one of Ripple’s co-founders, has also thrown his personal support behind the project, highlighting the breadth of institutional and individual interest in the upcoming venture.
Evernorth Holdings has long held a unique position in corporate finance. Once listed as XRPN, the new company plans to manage and grow the largest pool of publicly traded XRP assets globally. XRP stands out as a digital asset known for its efficiency in cross-border money transfers and blockchain-based financial applications, securing its reputation as a staple in the evolving world of digital finance.
Alternative Assets and XRP Respond to Global Shifts
Recent geopolitical tensions have sparked unpredictable reactions across global markets. Notably, by March 2026, the Nasdaq Crypto Index had gained 5%, gold prices had appreciated by 3%, the S&P 500 remained steady, and oil prices also saw increases. Investors moving away from traditional equities have increasingly sought out alternative assets traded around the clock, such as XRP, which has emerged as a prominent choice within this landscape.
Far from being merely “digital gold,” XRP is increasingly recognized for its role in credit services, payment processing, and on-chain financial operations. The decision to structure Evernorth as a public entity comes at a strategic time, underscoring the growing shift toward transparent, blockchain-powered financial ecosystems.
Structure and Strategy: Active Model, Not an ETF
Setting itself apart from passive investment funds and ETFs, Evernorth will actively deploy the majority of its capital to purchase XRP directly from the open market. The business model also involves leveraging Ripple’s RLUSD stablecoin for institutional lending, providing liquidity, and capitalizing on decentralized finance (DeFi) opportunities to enhance the company’s reach and versatility.
Asheesh Birla, a former top executive at Ripple and now head of Evernorth, explained that the company’s ambition is to steadily increase the amount of XRP held in its portfolio. This signals a strategy focused not just on asset accumulation, but on fueling continued ecosystem development and innovation within the XRP network.
Ripple CEO Brad Garlinghouse underscored XRP’s capability as a fast, efficient vehicle for global value transfer. In addition to Garlinghouse, Ripple’s Stuart Alderoty and David Schwartz are expected to join the post-merger company as strategic advisors, bringing substantial experience to the new venture.
Looking ahead, Evernorth is also preparing to participate as a validator on the XRP network. Its roadmap includes market development activities focused on payments, asset tokenization, and capital markets—all part of a broader strategy to enhance value and utility across digital finance platforms.
Both companies’ boards of directors have unanimously approved the merger. Under the agreement, Armada II’s Class A shares will be converted into Evernorth’s Class A shares on a one-for-one basis. Finalization is contingent on shareholder approval and completion of regulatory reviews. Citigroup is providing financial advisory services, with legal support from Davis Polk & Wardwell, Skadden, and Wilson Sonsini. The principal sponsor behind the SPAC, Arrington XRP Capital Fund, was established by Michael Arrington, founder of TechCrunch.
