Evernorth is preparing to trade on Nasdaq under the ticker XRPN after completing its merger with Armada Acquisition Corp II. Company disclosures cited in the report say it holds 473 million XRP, valued at about $656 million, making the token the centerpiece of its balance sheet rather than a passive treasury asset.
The company’s stated approach goes beyond holding XRP in custody. Evernorth says it intends to seek returns through lending protocols, DeFi products, and other market strategies, putting active balance-sheet management at the center of its digital asset model. Once the listing is live, investors are expected to access the stock through mainstream brokerage platforms including Robinhood and E*Trade.
XRP treasury built with Ripple contribution and outside capital
A major part of Evernorth’s XRP reserve came from Ripple Labs, which contributed 126.79 million XRP. The company also received backing from SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. According to the report, Evernorth has raised more than $1 billion in total capital so far, including $200 million from SBI Holdings alone.
The governance structure has also been expanded ahead of the planned public listing. Its latest SEC filing confirms the appointment of Robert Kaiden, CFO of the OpenAI Foundation, and Derar Islim, COO of Nasdaq-listed digital asset firm Antalpha, as independent board members. The filing says their audit backgrounds and sector experience are expected to strengthen oversight.
Board expansion comes as SEC process continues
Stuart Alderoty, Ripple’s chief legal officer, and Ted Janus are also on the board. Filing documents say Evernorth will list under the XRPN symbol after merging with Armada Acquisition Corp II. Its initial SEC registration was submitted on March 18, 2026, and an amended filing followed in May 2026, showing the listing process is still moving through regulatory review.
CEO Asheesh Birla said XRP’s use cases are expanding as tokenization activity accelerates and mainstream financial media increase their coverage of blockchain and XRP. In his view, XRP is now tracked regularly as a key sector indicator.
Listing pitched as regulated XRP exposure for stock investors
Once public, Evernorth is expected to offer a regulated vehicle linked to XRP for portfolio managers, institutional investors, and self-directed investors who do not want to hold digital tokens directly. The report also points to rising institutional activity tied to XRP, noting that Goldman Sachs recently disclosed a $153.8 million XRP ETF position, while a commodity fund application was filed with NYSE Arca.
Trading in Evernorth shares will begin only after the SPAC merger closes and the required regulatory clearances are obtained. The latest filings show the company is still focused on reinforcing its management bench and corporate structure before that step.