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In a high-stakes move that could redefine digital asset investment, Evernorth Holdings Inc., advised by Davis Polk & Wardwell LLP, announced Monday its plan to go public through a merger with Armada Acquisition Corp II, a special purpose acquisition company guided by Wilson Sonsini Goodrich & Rosati PC. The deal is set to generate over $1 billion in gross proceeds, according to the company’s statement.

Once completed, the combined entity will operate under the Evernorth name and trade on the Nasdaq under the ticker XRPN.

A New Gateway to XRP Investments

Evernorth’s mission is to offer investors “simple, liquid, and transparent” access to XRP, the native token of the XRP Ledger, a blockchain network created by Ripple Labs. Beyond merely tracking XRP’s price, the company plans to amplify returns through institutional lending, liquidity provisioning, and decentralized finance (DeFi) yield strategies.

“Evernorth is built to provide investors more than just exposure to XRP's price,” said CEO Asheesh Birla. “We aim to blend traditional finance yield generation with decentralized opportunities, growing XRP’s utility and ecosystem.”

Ripple, Kraken, and Pantera Among Backers

The merger’s expected $1 billion haul will include strategic investments from Ripple, Ripple Works, and leading digital asset investors such as Pantera Capital, Kraken, and GSR. Part of the proceeds will be used for open-market XRP purchases, bolstering what Evernorth calls a “leading institutional XRP treasury.”

Funds will also go toward working capital, corporate purposes, and transaction costs, while a significant portion will be dedicated to advancing the XRP ecosystem itself.

Ripple CEO Brad Garlinghouse praised the move, saying, “Evernorth is deeply aligned with Ripple’s mission — enhancing XRP’s global utility for faster and more efficient payments.”

The Road to Nasdaq

Armada Acquisition Corp II, which went public in May, raised $230 million in its IPO. The newly formed Evernorth entity expects to finalize the merger in early 2026, pending shareholder and regulatory approvals.

Advising the deal are several powerhouse firms: Citigroup Global Markets acted as the private placement agent and capital markets adviser to Evernorth, with legal counsel from Skadden Arps Slate Meagher & Flom LLP. Davis Polk & Wardwell LLP represented both Evernorth and Ripple, led by partners Daniel Gibbons and Derek Dostal.

Legal counsel for Wilson Sonsini’s team, representing the SPAC, has yet to be disclosed