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Ad Home / Crypto News / Ripple-Backed Evernorth Completes SPAC Merger, Bringing 473M XRP to Nasdaq Ripple-Backed Evernorth Completes SPAC Merger, Bringing 473M XRP to Nasdaq 10 Oct, 2026 Updated 10 Oct, 2026 By Coingapestaff Coingapestaff
Copied! Why Trust CoinGape CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information. Highlights
Evernorth has completed its merger with Armada Acquisition Corp. II, preparing to enter Nasdaq with 473 million XRP and $300 million in gross cash proceeds. Through this transaction, the company aims to expand institutional services and infrastructure across the XRP ecosystem
Evernorth completed its business combination on October 9. Its common stock is expected to begin trading on Nasdaq on October 12 under the ticker XRPN. The transaction was structured as a special purpose acquisition company (SPAC) merger, rather than an initial public offering
Evernorth’s investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR. In addition, the company plans to ring the Nasdaq closing bell on October 14. Its leadership, investors and members of the XRP ecosystem are expected to attend
Asheesh Birla, Founder and CEO of Evernorth, stated that Evernorth plans to invest in the XRP economy. To support this goal, the company plans to develop infrastructure and introduce new use cases. Its plan also seeks to grow the number of XRP per share over time
In October 2025, Evernorth announced their merger agreement. At the time, it was using a strategy that involved institutional lending, liquidity provision, and XRP accumulation. Moreover, the company intended to look into opportunities in decentralized finance and activities that generate yield
Beyond holding XRP, Evernorth aims to support tokenized assets, onchain credit markets and settlement infrastructure. It also has plans to join the XRP Ledger validation. Moreover, the company has described means to utilize Ripple’s stablecoin RLUSD for decentralized finance. Prior to this, Birla spent his time at Ripple as a senior executive within the payments segment
However, the company’s financial position may change as it buys or sells XRP and invests in new projects. Future filings should provide more information about revenue sources, operating costs and treasury management. In turn, investors will be able to track changes in its digital asset holdings
Arrington Capital founder Michael Arrington said Evernorth would bring capital and public company standards to institutional development across the XRP ecosystem. Accordingly, the company plans to use its resources to support projects and services linked to XRP
Meanwhile, XRP traded near $1.4 at the time of the announcement, gaining approximately 1% on the day. Bitcoin traded near $83,000 during the same period. With its Nasdaq debut, Evernorth will give investors access to a publicly traded company focused on XRP holdings and related financial services
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information
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