Evernorth Holdings signed a merger agreement with Armada Acquisition Corp II that will reach a size of over $1 billion in order to create the publicly traded XRP treasury. Armada II operates as a special purpose acquisition company listed on Nasdaq under the ticker symbol AACI. The new company that will emerge after the closing will be listed on Nasdaq with the trading code XRPN.
Corporate Support and Investment Details
Various companies from the financial sector are behind the transaction. SBI has committed $200 million to this merger. In addition, Ripple, Pantera Capital, Kraken, GSR and donation-focused Rippleworks were also among the investors. Chris Larsen, one of the founders of Ripple, also personally supported the project.
Evernorth Holdings stands in a special position in the field of corporate finance. The company aims to manage the world’s largest publicly traded pool of XRP assets after listing on Nasdaq under the ticker XRPN. XRP is known as a prominent digital asset for international money transfers and blockchain-based finance applications.
Alternative Assets and XRP Against Global Developments
Recent geopolitical developments seem to have unexpected repercussions on the markets. Especially in March 2026, the Nasdaq Crypto Index increased by 5 percent, gold gained 3 percent in value, the S&P 500 remained horizontal and the increase in oil prices was noteworthy. Investors leaving the traditional equity market have shown interest in alternative assets that are traded 24 hours a day. XRP also stood out among these assets.
It is emphasized that XRP has gone beyond being just a “digital gold” and has gained a new usage area with its benefits in credit, payment and on-chain finance transactions. The fact that Evernorth will be implemented with a public model draws attention to the timing of this financial transformation.
Structure and Strategy: Active Model, Not ETF
The company is taking a different path than a traditional passive follower model; Most of the funds raised will be used to purchase XRP on the free market. Additionally, corporate lending, liquidity provision and decentralized finance (DeFi) opportunities will be leveraged with Ripple’s RLUSD stablecoin.
Asheesh Birla, the company’s manager, is a name that previously served as senior leadership at Ripple. Birla stated in the statement that their goal is to increase the number of XRP in the portfolio over time. This approach shows that the company will operate in a way that supports ecosystem growth, not just holding an asset.
Ripple CEO Brad Garlinghouse stated that XRP is a powerful tool for fast and efficient value transfer on a global scale. In addition to Garlinghouse, Stuart Alderoty and David Schwartz are expected to contribute to the company as strategic advisors after the merger.
Evernorth also plans to act as a validator on the XRP network. The company’s roadmap includes market development activities for payment, asset tokenization and capital markets.
The boards of directors of both companies unanimously approved the merger. As part of the exchange transactions, Armada II’s Class A shares will be converted into Evernorth Class A shares on a one-to-one basis. Shareholder approvals and legal processes will be required to complete the deal. Financial advice and legal support was provided by Citigroup, Davis Polk & Wardwell, Skadden and Wilson Sonsini. The special purpose company’s primary sponsor, Arrington XRP Capital Fund, was founded by TechCrunch founder Michael Arrington.
