Evernorth files S-4 for planned $10B SPAC deal with Armada Acquisition to form Nasdaq-listed XRP treasury company

March 19 — Evernorth, a Ripple-backed crypto company, has publicly filed a Form S-4 registration statement with the U.S. Securities and Exchange Commission to move forward with its proposed business combination with Armada Acquisition Corp. II, a SPAC sponsored by Arrington Capital, according to The Block. If completed, the transaction would create a Nasdaq-listed XRP treasury company expected to trade under the ticker symbol XRPN. Evernorth said it plans to raise more than $1 billion through the deal, with proceeds primarily earmarked for purchasing XRP in public markets and building what it calls a globally leading, institutional-grade XRP treasury. Evernorth said it intends to grow XRP holdings per share over the long term through strategies including lending, liquidity provision, and DeFi yield generation, differentiating its approach from passive crypto funds or ETPs. The company also plans to run XRP validation nodes and integrate Ripple's RLUSD stablecoin into the DeFi ecosystem. Backers include SBI Holdings of Japan, which has committed $200 million, along with Ripple, Pantera Capital, Kraken, GSR, and Ripple co-founder Chris Larsen. Ripple CEO Brad Garlinghouse and other executives are slated to serve as strategic advisers.