Evernorth has moved forward in its preparations to become a publicly traded company by submitting an amended S-4 registration to the U.S. Securities and Exchange Commission on April 7, 2026. The filing supports the firm’s plan to merge with Armada Acquisition Corp. II and pursue a listing on Nasdaq under the ticker symbol XRPN, paving the way for significant involvement of both crypto assets and institutional investors.
Merging structures target new market opportunities
The revised filing describes a multi-layered merger involving Evernorth, Armada Acquisition Corp. II, and Pathfinder Digital Assets. Once completed, this structure would establish a new public entity with shares tradable on Nasdaq. The arrangement sets a $10 reference share price for public shareholders, giving the new company an estimated valuation near $230 million, not including various warrant rights and extra funding mechanisms.
Armada Acquisition Corp. II is a special purpose acquisition company (SPAC) focused on facilitating mergers with high-growth businesses poised for public markets. Pathfinder Digital Assets operates in cryptocurrency investment management. Evernorth, the parent company leading this effort, is positioning itself at the intersection of traditional finance and blockchain-based treasury management solutions.
Following the merger, existing shareholders and institutional investors will receive equity in the combined entity. Public trading of the new company’s shares under the ticker XRPN is intended to allow market participants indirect exposure to XRP performance through equity, rather than holding the token directly.
Ripple Labs anchors deal with XRP contribution
A central part of the transaction involves Ripple Labs transferring 126.79 million XRP tokens to Evernorth. Ripple Labs, headquartered in San Francisco, develops global payment solutions built on blockchain technology and is best known for creating the XRP Ledger and associated digital asset XRP.
This substantial allocation is based on prevailing market prices at the time of agreement, and is set to be finalized with adjustments as the transaction closes. Chris Larsen, chairman of Ripple, has also participated through additional XRP contributions aligned with the strategic direction of the deal.
Ripple and its chairman will be issued equity units in Evernorth in exchange for the XRP tokens. This move highlights Ripple’s broader objective of integrating its digital asset into institutional and capital market platforms, aiming to expand recognition and usability of XRP in mainstream financial products.
Institutional investment cements hybrid funding model
In addition to Ripple’s significant input, a group of institutional and accredited investors has entered advance funding agreements totaling $214 million in cash. They have also committed 600,000 XRP tokens, with a supplementary $10.5 million and 200,000 XRP earmarked for later injection, both of which will convert into equity at the predetermined share price.
This combination of capital infusions and token transfers strengthens Evernorth’s balance sheet, while also increasing institutional engagement in the XRP ecosystem. The funding model offers investors exposure to both equity and digital assets within a regulated market structure, differentiating the offering from traditional crypto investments.
The arrangement marks a growing trend toward digital asset integration in public capital markets, with XRP positioned at the forefront of such developments through this partnership. As the transaction progresses, Evernorth aims to establish itself as a bridge between the world of regulated finance and blockchain-driven treasury solutions.
- Evernorth amended its SEC filing as it prepares for a Nasdaq listing using an XRP-backed structure.
- Ripple Labs contributed XRP tokens to the deal and will receive equity units in the new company.
- Institutional investors joined with funding and XRP, signaling growing crypto exposure in public markets.
