Evernorth files SPAC with big XRP plan
Evernorth Holdings filed to list on Nasdaq via a SPAC under the ticker $XRPN and plans a billion‑dollar XRP treasury aimed at DeFi lending and validator activity. That combination of token treasury and public listing is a notable example of tokenized treasury management meeting capital markets. (x.com)
Evernorth filed a Form S-4 with the SEC on March 18, 2026 as part of its proposed business combination with Armada Acquisition Corp. II, a SPAC sponsored by Arrington Capital. (theblock.co) The S-4 discloses that Evernorth and affiliate Pathfinder Digital Assets held 473.1 million XRP as of December 31, 2025. (coindesk.com) Ripple transferred roughly 126.8 million XRP under a contribution agreement, the sponsor’s Series C subscription contributed about 211.3 million XRP, a Chris Larsen–affiliated trust committed 50 million XRP, and Advance Funding Subscribers committed $214.05 million in cash plus 600,000 XRP. (cryptotimes.io) Evernorth reported a $233.7 million digital‑asset impairment for 2025 and disclosed it used $214.1 million in cash to buy 84.4 million XRP at an average cost of ~$2.54 per token. (en.cryptonomist.ch) The filing lays out active treasury tactics: deploying Ripple’s RLUSD stablecoin into RLUSD/XRP liquidity pools, lending XRP, providing AMM liquidity, operating validators on the XRP Ledger, and running options strategies such as covered calls and cash‑secured puts. (theblock.co) Anchor and PIPE backers named in prior disclosures and the S-4 include a $200 million commitment from SBI alongside participation from Ripple, Pantera Capital, Kraken and GSR, and the SPAC Armada II raised about $230 million in its May 2025 IPO. (prnewswire.com) Evernorth was formed in 2025 and is led by CEO Asheesh Birla, who has said the company will pursue yield generation and ecosystem participation rather than passive token holding. (prnewswire.com)
