Evernorth, an XRP treasury company, completed its merger with Armada Acquisition Corp. II on Friday, entering the public markets with approximately 473 million XRP and roughly $300 million in gross cash proceeds before transaction expenses. The structure hands public equity investors a listed way to gain exposure to the token without directly managing it — the core premise of the increasingly common digital asset treasury model.

The company expects its common stock to begin trading on Nasdaq on October 12 under the ticker XRPN. Armada is a special purpose acquisition company — a blank-check vehicle that lists on an exchange in order to merge with a private firm, an alternative to a traditional initial public offering — sponsored by Arrington XRP Capital Fund.

Founder and CEO Asheesh Birla said Evernorth intends to actively deploy capital across the XRP economy, support infrastructure and new use cases, and pursue strategies designed to grow XRP per share over time, a per-share accumulation measure that has become a common yardstick for treasury-style crypto companies.

Its investor roster includes Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR.

Evernorth first announced the merger agreement in October 2025, outlining a public treasury strategy that combines XRP accumulation with institutional lending, liquidity provision, and decentralized finance yield opportunities. Birla previously served as a senior executive at Ripple, where he helped build its payments business. The company joins a broader cohort of publicly listed digital asset treasury firms, a model that emerged around bitcoin-holding companies and has since spread to tokens such as Ether and Solana.

The strategy extends beyond simply holding XRP. According to the company, Evernorth plans to provide capital for tokenized assets, onchain credit markets, and settlement infrastructure while operating under public company reporting and governance standards — a layer of periodic disclosure and accountability that does not apply to direct token holders. Its original plans also included participating in XRP Ledger validation on the blockchain that underpins the token, using Ripple's RLUSD stablecoin to access decentralized finance opportunities, and supporting projects that expand XRP's use in payments and capital markets.

Friday's closing follows approval of the business combination by Armada shareholders on September 30. An October 1 announcement had anticipated trading would begin on October 8, but the company's latest release sets the expected debut for October 12.

Michael Arrington, founder of Arrington Capital, said Evernorth brings substantial capital and public company standards to the institutional development of the XRP ecosystem.

Evernorth expects to ring the Nasdaq closing bell on October 14, with company leadership, investors, and members of the XRP ecosystem in attendance — the start of a public lifecycle in which the lending, liquidity, and ledger-validation plans will be tracked through regular company disclosures.

As of press time, XRP was trading near $1.39, up roughly 1% on the day, while Bitcoin consolidated near $83,000.