Evernorth Holdings Inc. announced on May 5, 2026, that it is expanding its leadership team with new board members and senior executives as it moves toward a planned public listing through a merger with Armada Acquisition Corp. II, a Nasdaq-listed special purpose acquisition company. The appointments are part of Evernorth's strategy to build a publicly traded entity designed to enable institutional adoption of XRP.
Strategic Leadership Expansion
Stuart Alderoty, Ripple's chief legal officer, is expected to join Evernorth's board of directors after the business combination closes. Alderoty has served as Ripple's CLO since 2019 and became president of the National Cryptocurrency Association in 2025. His previous experience includes senior legal roles at CIT Group Inc., HSBC North America Holdings Inc., and American Express Company. Evernorth CEO Asheesh Birla commented:
“As Evernorth prepares to operate as a public company, we are building a leadership team with the institutional credibility this model requires.”The company also identified several other board candidates: Dr. Derar Islim, bringing experience in digital asset market structures and institutional credit from roles at Antalpha and Genesis Global Trading; Ted Janus, with over 30 years of investment experience at J Capital and Palo Alto Investors; and Robert Kaiden, former CFO of OpenAI Foundation and former CAO of Twitter. On the executive side, Boris Kapeller was appointed Chief Risk Officer, and Charles Stewart was named Chief Communications Officer, overseeing financial risk strategy and brand communications respectively.
Building a Regulated XRP Treasury Strategy
Evernorth is developing a multi-billion dollar XRP cash strategy for its Nasdaq listing, backed by Ripple and designed to provide regulated, scalable services. After completing the merger with Armada II, the company plans to offer investors XRP exposure through a regulated, liquid, and transparent structure. Unlike an ETF, Evernorth intends to actively increase XRP value per share through institutional yield strategies, DeFi participation, ecosystem involvement, and capital market activities. The company previously filed an S-4 form with the U.S. Securities and Exchange Commission detailing its plan.
Institutional Credibility and Compliance
Stuart Alderoty's deep legal expertise, particularly in navigating cryptocurrency regulatory challenges, is expected to strengthen Evernorth's governance framework. The expansion comes as XRP gains traction among institutional investors following legal clarity. Evernorth's approach positions it as a potential pioneer in offering direct XRP exposure via a public company, bridging traditional finance and digital assets. With a team that combines backgrounds in finance, risk, communications, and digital assets, the company aims to capture growing demand for regulated crypto investment vehicles.
The appointments are subject to customary closing conditions and regulatory approvals. Evernorth expects the merger and listing to complete in the second half of 2026, pending SEC clearance.