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Evernorth expands XRP strategy beyond treasury holdings
Financial disclosures show that the value of the XRP treasury is decreasing
Ripple-backed Evernorth has submitted an amended registration statement with the U.S. Securities and Exchange Commission as it pushes forward with a merger backed by over $1 billion in committed capital to create a Nasdaq-listed XRP treasury.
Summary
Evernorth has filed an amended SEC registration statement for its proposed merger of the Nasdaq-listed XRP treasury.
The Ripple-backed company secured over $1 billion from investors, including Ripple and SBI Holdings.
Evernorth reported $387.1 million in XRP holdings while awaiting SEC approval for the deal.
According to an amendment to Form S-4 filed with the SEC, Evernorth Holdings is seeking approval for its proposed business combination with Armada Acquisition Corp II, a special purpose acquisition company sponsored by Arrington Capital.
If approved, the combined entity is expected to trade on Nasdaq under the ticker XRPN.
Investor commitments disclosed by the company exceed $1 billion and include participation from Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital. Evernorth also revealed that Ripple contributed over 126.7 million XRP to the treasury initiative.
Regulatory approval remains the next big step in the process. The SEC team is currently reviewing the registration statement and providing comments. Following a declaration of effectiveness from the regulator, shareholders of Armada Acquisition Corp II will vote on the proposed merger.
Evernorth expands XRP strategy beyond treasury holdings.
In addition to accumulating XRP, Evernorth stated that it plans to build services around the XRP Ledger ecosystem. Company disclosures indicate plans to operate XRPL validators, integrate Ripple's RLUSD stablecoin for institutional decentralized financial activities, and support real-world tokenized asset initiatives.
Additional performance metrics outlined by Evernorth include XRP-per-share metrics and token yield measurements, which the company stated will be used to assess treasury performance.
At the same time, Evernorth continued to promote the XRP Ledger as infrastructure for financial markets. During comments shared by the company at Web Summit Vancouver, COO Meg Nakamura stated that many payment systems connecting major banks were built between 30 and 60 years ago.
Evernorth argued that while images and videos can be transmitted globally in seconds, international money transfers often remain slower and more expensive. According to the company, blockchain-based networks can help resolve these inefficiencies.
The company's statements also described XRP as extending beyond cross-border payments into areas like lending, tokenized vaults, decentralized financial apps, and digital asset settlement. Evernorth's website identifies the company as a digital asset treasury platform focused on providing investors exposure to XRP-linked opportunities.
Financial disclosures show that the value of the XRP treasury is decreasing.
Unaudited pro forma financial statements released by Evernorth provided an updated view of the combined business. The disclosures cover Evernorth Holdings, Pathfinder Digital Assets, and Armada Acquisition Corp II as of March 31, 2026.
While combined cash reserves increased during the first quarter, the value of XRP held by Evernorth fell to approximately $387.14 million as XRP prices declined during the period.
The same filing showed combined pro forma assets decreasing from about $1.1 billion to around $870 million. Evernorth also disclosed consents from Deloitte & Touche and CBIZ CPAs PC in connection with the financial statements.
Board appointments announced alongside the filing include Stuart Alderoty, CEO of Evernorth, Asheesh Birla, and Ted Janus. The CFO of OpenAI Foundation, Robert Kaiden, and the COO of Antalpha, Derar Islim, are also set to serve as directors.
Market data indicated that shares of Armada Acquisition Corp II traded about 0.20% lower in pre-market activity on Monday, while shares remained over 3% higher year-to-date. According to company disclosures, SBI Holdings could hold up to 59.7% voting power if shareholder redemptions result in further dilution.
Meanwhile, XRP's price (XRP) has been trading near $1.30 after dropping over 2% in the last 24 hours.#Ripple #SEC #Evernorth
