Ripple-backed Evernorth Holdings has taken a major step toward going public by filing an amended registration statement with the U.S. Securities and Exchange Commission (SEC) for a proposed merger that would create a Nasdaq-listed XRP treasury company. According to the Form S-4 amendment, the merger combines Evernorth with special purpose acquisition company Armada Acquisition Corp II, sponsored by Arrington Capital. If approved, the combined entity would trade under the ticker XRPN.
The company has secured over $1 billion in committed capital from a roster of heavyweight investors, including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. Ripple alone contributed 126.7 million XRP to the treasury initiative. As of March 31, 2026, Evernorth reported XRP holdings worth approximately $387.14 million, though that figure declined from earlier in the year as XRP prices softened.
Beyond simply stockpiling XRP, Evernorth disclosed plans to build services around the XRP Ledger ecosystem. These include operating XRPL validators, integrating Ripple’s RLUSD stablecoin for institutional decentralized finance (DeFi) activities, and supporting tokenized real-world assets. The company intends to measure treasury performance using XRP-per-share and yield-per-token metrics.
Financial statements in the filing show pro forma combined assets of about $870 million, down from $1.1 billion earlier, reflecting the XRP price drop. The company also announced its board of directors, which will include Ripple chief legal officer Stuart Alderoty, Evernorth CEO Asheesh Birla, and OpenAI Foundation CFO Robert Kaiden, among others.
The filing comes amid a broader transformation at Ripple. Over the past year, Ripple has assembled a suite of institutional-grade infrastructure businesses—stablecoins, custody, prime brokerage, and tokenization—that increasingly resemble a modern financial conglomerate. The $1.25 billion acquisition of Hidden Road gave Ripple a prime broker clearing over $3 trillion annually for 300+ institutional clients. Meanwhile, RLUSD has grown to a $1.7 billion market cap and is being used as collateral within those prime brokerage workflows. Combined with the 2023 Metaco custody deal, these moves reinforce Evernorth’s strategy of offering XRP-linked institutional exposure.
