Evernorth Joins Nasdaq Following SPAC Merger
Digital asset treasury firm Evernorth Holdings has officially entered the public markets after completing its business combination with Armada Acquisition Corp. II. The San Francisco-based company, which manages a massive reserve of XRP, plans to begin trading on the Nasdaq under the ticker XRPN starting October 12, 2026.
The merger provides Evernorth with a significant war chest, consisting of approximately 473 million XRP and $300 million in gross cash proceeds. This influx of capital positions the firm to expand institutional infrastructure for the XRP ecosystem, targeting areas like on-chain credit markets and tokenized assets while adhering to the transparency and governance standards required of a Nasdaq-listed entity.
Founder and CEO Asheesh Birla stated that the company aims to actively manage its treasury to support long-term growth for shareholders. Backed by a high-profile group of institutional investors including Ripple, Arrington Capital, SBI Group, and Pantera Capital, Evernorth intends to deploy its resources to drive utility and adoption within the digital asset sector. The company is scheduled to commemorate its market debut by ringing the Nasdaq closing bell on October 14.
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