Evernorth Completes SPAC Merger and Prepares Nasdaq Listing Under XRPN
Evernorth completed its merger with Armada Acquisition Corp. II and is set to begin trading on Nasdaq under XRPN on October 12. The combined entity includes Evernorth, Pathfinder Digital Assets, Ripple, Armada, and merger subsidiaries, with about 473 million XRP and $300 million in cash. CEO Asheesh Birla said the company will deploy capital and support liquidity for the XRP Ledger ecosystem, while XRP remained under market pressure.
Evernorth’s completed combination with Armada Acquisition Corp. II folds Pathfinder Digital Assets and the former Armada vehicle into its ownership, alongside Ripple and two merger-related subsidiaries. Armada also changed its incorporation from the Cayman Islands to Delaware on October 8 and took the name Arrington Capital SPAC I Inc.
The combined company holds roughly 473 million XRP and $300 million in cash. CEO Asheesh Birla, formerly a senior Ripple executive, said the funds will support the XRP Ledger by allocating capital, aiding trading depth, and working with infrastructure developers serving institutions.
The listing may give traditional investors indirect exposure to an XRP-linked treasury, potentially widening who can participate in crypto-related markets. XRP holders and Ledger developers could see liquidity benefits if capital is deployed as planned, though market conditions may limit near-term effects. Greater public-market access could also invite scrutiny around disclosure, custody, and volatility, affecting retail and institutional participants alike.