Ripple-backed Evernorth Holdings has taken another major step toward becoming one of the largest publicly traded XRP-focused treasury companies in the United States.<\/p>\n\n\n\n
The company has submitted an amended registration statement to the U.S. Securities and Exchange Commission (SEC) as it moves forward with its planned merger with special purpose acquisition company (SPAC) Armada Acquisition Corp II. If approved, the combined business is expected to trade on Nasdaq under the ticker symbol XRPN<\/strong>.<\/p>\n\n\n\n The filing comes as Evernorth secures more than $1 billion in committed capital from a group of prominent crypto and financial investors, further strengthening its position as a major XRP treasury initiative.<\/p>\n\n\n\n According to the amended Form S-4 filing, Evernorth has attracted backing from several well-known names in the digital asset industry, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.<\/p>\n\n\n\n The company revealed that Ripple alone has contributed more than 126.7 million XRP to support the treasury strategy. These commitments have helped push total pledged capital above the $1 billion mark, making the proposed entity one of the largest XRP-focused treasury companies in the market.<\/p>\n\n\n\n Before the merger can proceed, the SEC must complete its review of the registration statement. Once the filing becomes effective, shareholders of Armada Acquisition Corp II will vote on the proposed business combination.<\/p>\n\n\n\n While building a large XRP treasury remains a central objective, Evernorth’s ambitions extend beyond simply holding the cryptocurrency.<\/p>\n\n\n\n The company said it plans to develop infrastructure and services around the XRP Ledger ecosystem. This includes operating XRPL validators, supporting institutional decentralized finance activities through Ripple’s RLUSD stablecoin, and participating in tokenized real-world asset initiatives.<\/p>\n\n\n\n Evernorth also plans to introduce new performance metrics, including XRP-per-share and yield-per-token measurements, to help investors evaluate treasury performance more effectively.<\/p>\n\n\n\n Company executives have repeatedly emphasized the broader role XRP Ledger could play in modernizing financial infrastructure. Evernorth argues that many global payment systems still rely on decades-old technology that can be slow and costly compared to blockchain-based alternatives.<\/p>\n\n\n\n According to the company, XRP Ledger technology has applications that extend beyond cross-border payments into areas such as lending, digital asset settlement, tokenized vaults, and decentralized finance.<\/p>\n\n\n\n Alongside the SEC amendment, Evernorth released updated unaudited pro forma financial statements covering Evernorth Holdings, Pathfinder Digital Assets, and Armada Acquisition Corp II as of March 31, 2026.<\/p>\n\n\n\n The filings showed that the value of Evernorth’s XRP holdings declined to approximately $387.1 million during the quarter due to lower XRP market prices.<\/p>\n\n\n\n As a result, pro forma combined assets fell from roughly $1.1 billion to approximately $870 million. Despite the decline in digital asset valuations, the company reported stronger cash reserves during the same period.<\/p>\n\n\n\n The filing also included consents from Deloitte & Touche and CBIZ CPAs PC related to the financial statements and merger process.<\/p>\n\n\n\n Evernorth announced several notable board appointments as part of the transaction.<\/p>\n\n\n\n Expected directors include:<\/p>\n\n\n\n The appointments bring together executives from the cryptocurrency, technology, and financial sectors as the company prepares for its public market debut.<\/p>\n\n\n\n The proposed merger highlights the growing trend of crypto treasury companies seeking public market exposure through SPAC transactions.<\/p>\n\n\n\n If approved, Evernorth would become one of the most prominent publicly traded companies built around XRP ownership and XRP Ledger infrastructure. The move could provide institutional and retail investors with an additional avenue for gaining exposure to XRP-related opportunities without directly holding the cryptocurrency.<\/p>\n\n\n\n At the same time, the filing underscores both the opportunities and risks associated with digital asset treasury models. While Evernorth has secured substantial investor backing, its financial disclosures also demonstrate how fluctuations in XRP prices can significantly impact balance sheet valuations.<\/p>\n\n\n\n As SEC review continues, investors will be watching closely to see whether Evernorth can complete its Nasdaq listing and establish itself as a leading XRP treasury company in the evolving digital asset market.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Ripple-backed Evernorth Holdings has taken another major step toward becoming one of the largest publicly traded XRP-focused treasury companies in the United States. The company has submitted an amended registration statement to the U.S. Securities and Exchange Commission (SEC) as it moves forward with its planned merger with special purpose acquisition company (SPAC) Armada Acquisition…<\/p>\n","protected":false},"author":3,"featured_media":14816,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[2126,482],"class_list":["post-14794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-crypto-treasure","tag-ripple"],"yoast_head":"\nMore than $1 billion committed to XRP treasury strategy<\/h2>\n\n\n\n
Evernorth plans to expand beyond XRP accumulation<\/h2>\n\n\n\n
XRP holdings decline as market prices weaken<\/h2>\n\n\n\n
High-profile board appointments strengthen leadership<\/h2>\n\n\n\n
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What it means for XRP<\/h2>\n\n\n\n