Evernorth, XRP Treasury Firm, Files S-4 for $10 Billion SPAC Merger with Armada Acquisition

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Release Time: 03/19/2026 03:36:03

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Summary

Evernorth, a XRP treasury firm backed by Ripple, filed an S-4 with the SEC on March 19, 2026, to merge with Armada Acquisition Corp. II, a SPAC under Arrington Capital. The transaction aims to list Evernorth on Nasdaq under the ticker XRPN, raising over $10 billion to acquire XRP and establish an institutional-grade treasury. The firm will employ lending, liquidity, and DeFi strategies to grow its holdings. Investors include SBI Holdings, Ripple, Pantera, Kraken, GSR, and Chris Larsen. Brad Garlinghouse and others will serve as advisors. This SEC filing represents a major on-chain development in the XRP ecosystem.

BlockBeats news, on March 19, according to The Block, Evernorth, a crypto enterprise backed by Ripple, announced the public filing of a Form S-4 registration statement with the U.S. Securities and Exchange Commission (SEC) to advance its business combination with Armada Acquisition Corp. II, a SPAC sponsored by Arrington Capital. Upon completion of the merger, Evernorth aims to become a Nasdaq-listed XRP treasury company under the ticker symbol XRPN.
Evernorth plans to raise over $1 billion through this transaction, primarily to purchase XRP on public markets and establish a globally leading institutional-grade XRP treasury. Unlike passive crypto funds or ETPs, Evernorth aims to achieve long-term growth in XRP holdings per share through lending, liquidity provision, and DeFi yield strategies. The company also plans to operate XRP validation nodes and integrate Ripple’s RLUSD stablecoin into the DeFi ecosystem.

Investors include Japan’s SBI Holdings (committed $200 million), Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Executives such as Ripple CEO Brad Garlinghouse will serve as strategic advisors.

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