Evernorth Holdings, Inc., (Nasdaq: XRPN), a digital asset treasury company building institutional access to the XRP economy at scale, announced the completion of its business combination with Armada Acquisition Corp. II ("Armada"), a special purpose acquisition company sponsored by Arrington XRP Capital Fund, LP.

Evernorth's common stock is expected to begin trading on the Nasdaq Stock Market under the ticker symbol XRPN.

"In setting out to build Evernorth, our goal was to create something unique: an actively managed XRP treasury purpose-built to support the growth of the ecosystem with the transparency and governance that public markets demand," said Asheesh Birla, Founder and Chief Executive Officer of Evernorth. "Completing this transaction today marks a significant milestone of bringing this company to market. We'll be deploying capital across the XRP economy, supporting the infrastructure and use cases that expand XRP's utility, and pursuing strategies designed to grow XRP per share over time."

Since its inception, Evernorth has been steadfast in building the foundation for its public-market strategy. At closing, the company holds approximately 473 million XRP and has raised approximately $300 million in gross cash proceeds, before transaction expenses. Evernorth has secured capital from a global group of institutional and digital asset investors, including Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken and GSR, among others.

As institutional on-chain finance evolves, tokenized assets, on-chain credit markets and settlement infrastructure will require capital to scale. Evernorth intends to be a source of that capital, actively deploying capital across the XRP economy while operating with the reporting, governance and disclosure standards of a Nasdaq-listed company.

"Our conviction in XRP has always been rooted in the belief that the ecosystem would continue to mature, attracting serious builders and capital," added Michael Arrington, founder of Arrington Capital. "Our support for Evernorth is a natural extension of that thesis. It brings scaled capital, active participation and the standards of a public company, playing a critical role in the institutional development of this infrastructure."