Armada Acquisition Corporation II (XRPN)

https://coinalertnews.com/news/2026/05/04/evernorth-sec-filing-nasdaq-xrpn-listing


15 hour ago 9 sources  positivehttps://coinalertnews.com/coin/xrpEvernorth, the Ripple-backed XRP treasury firm, has filed a second amendment to its Form S-4 with the SEC, moving closer to its planned Nasdaq debut under the ticker XRPN. The listing will occur through a merger with Armada Acquisition Corp II. The company already holds over 473 million XRP, worth approximately $656 million, and has raised over $1 billion in proceeds converted into XRP treasury holdings.Evernorth's journey to Wall Street has been methodical. The company first announced its plans in October 2025, followed by an initial S-4 filing in mid-March 2026, Amendment No. 1 in early April, and now this latest update signaling the process is entering its final stretch. Final SEC clearance and a shareholder vote remain as the last hurdles before XRPN can begin trading on Nasdaq.In a parallel move, Evernorth has named Robert Kaiden, CFO of the OpenAI Foundation, as a board nominee. Kaiden signed a consent dated April 27 to be named in Evernorth's registration statement as a director nominee. Derar Islim also signed the same consent on the same date. The board additions come as Evernorth seeks shareholder approval for the broader SPAC transaction.CEO Asheesh Birla framed the strategy in broader capital-markets terms: 'We believe global finance is entering a new era with digital assets playing a larger role in how capital is held, managed and deployed. Evernorth is being built to participate in that evolution.'Evernorth's treasury model is designed to provide 'simple, liquid, and transparent exposure to XRP' through a publicly listed vehicle, while also seeking to grow XRP per share over time through institutional lending, liquidity provisioning, and DeFi yield opportunities. The company has said the transaction is expected to raise more than $1 billion in gross proceeds, with institutional and strategic investors including Ripple, SBI Holdings, Pantera Capital, Kraken, and Arrington Capital.https://coinalertnews.com/coin/xrpEvernorth's XRPN Nasdaq listing filing signals strong institutional demand and a bullish catalyst for XRP, supporting long-term value appreciation.

Have to assume this s4 is approved shortly. 

Evernorth, XRP Treasury Firm, Files S-4 for $10 Billion SPAC Merger with Armada Acquisition

03/18/2026
https://www.kucoin.com/news/flash/evernorth-xrp-treasury-firm-files-s-4-for-10b-spac-merger-with-armada-acquisition

Based on XRP assets alone and the current OS around 32 million... seems attractive. If this trades like other stablecoin companies that debuted such as CRCL (with an OS of around 200 million, and a current price of $129 per share) could have a nice opening when the merger fully consummates. XRPN is also a stablecoin company for RLUSD, but they are looking to do more with DeFi and other institutional financing.

Warrants are another way to play this if looking for a longer term possibility (Expires in 2030) XRPNW (1 warrant for 1 common on excise). Excise price of $11.50, those warrants will no doubt dilute the OS over time. (As well as any Units that were provided to the initial investors to commons, unsure about the Unit conversion numbers at present)

XRPN holds 473 million XRP purchased at around $2.73 I think (now at 1.43)... so at present holding at a loss there... but at current SPAC price of 10.30 gives it a market cap of around $329 million, 473 million XRP valued currnetly at around $676 million. True value will only show once it is fully de-spac'd.

I only see 24 mm shares in the float? What’s gonna happen here once evernorth moves into this thing. Also how will this track xrp since it’s already way higher valued? Must be some kind of factor based on shares o/s? But lots of investors in Evernorth so it seems like they may need a forward split? A little confused as to how to play this. Any input is appreciated. 

https://www.prnewswire.com/news-releases/evernorth-advances-business-combination-with-public-s-4-filing-302717962.html

https://www.evernorth.xyz/blog-post-01-29-2026

CEO @ashgoblue joined @kristinaayanian at @NasdaqExchange to discuss our planned Q1 2026 IPO and how we’re making institutional XRP access as simple as buying a public stock.

Watch below ⬇️

Learn more: https://t.co/seHMpTIwIJ pic.twitter.com/YO8jS78hee— evernorthxrp (@evernorthxrp) January 15, 2026

Not just a treasury company... this company will be setting up the institutional rails.

Treasury company ? Know interest by investors. Not fully understood.

Ai news is ripping about XRP the company.

Wait and see how Evernorth expands.

Interesting how this is flying under the radar? People talking about this on X saying they can't wait for the IPO meanwhile the stock is already tradable. Deal just hasn't closed. Why not buy now??

- This is like the Beatles storming America tour.

Maybe, the next NVDA. Huh....?

Umm, - My internet readings indicate this Treasury Co. could be bigger than Tether.

long GLTA

Ripple vets and crypto heavyweights back $1 billion Evernorth SPAC to build largest public XRP treasury

October 20, 2025
https://www.theblock.co/post/375330/ripple-crypto-vets-back-1-billion-evernorth-spac-largest-xrp-treasury

Ripple CEO Reacts to $1 Billion XRP Treasury Backed by SBI, Pantera Capital and Kraken

Evernorth's CEO Asheesh Birla, a former Ripple executive, by the way, wants the firm to be seen as an active treasury, aiming to expand XRP shares via institutional lending, liquidity and DeFi strategies. According to him, the model is designed to generate returns for shareholders while contributing to XRP adoption.

Oct 20, 2025
https://www.tradingview.com/news/u_today:6aaa0c3f4094b:0-ripple-ceo-reacts-to-1-billion-xrp-treasury-backed-by-sbi-pantera-capital-and-kraken/

Asheesh and team are building something special with @evernorthxrp. We are proud to partner with him -- and proud to join an incredible set of investors including SBI Holdings, Pantera Capital, Kraken, GSR and Rippleworks, to support Evernorth as it participates in institutional… https://t.co/qeAqXtmQcV— Brad Garlinghouse (@bgarlinghouse) October 20, 2025

Ripple CEO Finally Says It: 2026 Will Trigger XRP’s Big Break

December 7, 2025
https://watcher.guru/news/ripple-ceo-finally-says-it-2026-will-trigger-xrps-big-break




Great dinner last night with @realDonaldTrump & @s_alderoty.

Strong start to 2025! pic.twitter.com/UjM6lahUG4— Brad Garlinghouse (@bgarlinghouse) January 8, 2025

https://www.evernorth.xyz/

accumulating

Evernorth to Go Public With Over $1 Billion in Gross Proceeds

Transaction will create the largest public XRP treasury company

SAN FRANCISCO, Oct. 20, 2025 /PRNewswire/ -- Evernorth Holdings Inc., a newly formed Nevada corporation ("Evernorth") that will enable XRP adoption on an institutional scale, today announced its public launch and the execution of a business combination agreement with Armada Acquisition Corp II (Nasdaq: AACI) ("Armada II"), a publicly traded special purpose acquisition company. Upon closing of the transaction, the combined company will operate under the Evernorth name and is expected to trade on Nasdaq under the ticker symbol "XRPN," subject to the satisfaction of the listing requirements.

https://www.otcmarkets.com/stock/XRPN/news/Evernorth-to-Go-Public-With-Over-1-Billion-in-Gross-Proceeds?e&id=3333819

Nov-13-25 08:00AM
Evernorth Announces Confidential Submission of a Draft Registration Statement on Form S-4 to the SEC
(PR Newswire)

Oct-29-25 09:56AM
Armada Acquisition Corp. II Announces Ticker Symbol to Change to XRPN on Oct 30, 2025
(PR Newswire)

Oct-28-25 07:53AM
Ripples New Venture Evernorth Buys $1B in XRP, Price Climbs 1.5%
(Coinspeaker)

Oct-24-25 08:44AM
261,000,000 XRP Now Held by Ripple-Backed Evernorth
(Coinspeaker)

Oct-22-25 10:35AM
XRP Price Wrestles With $2.40 as Evernorths $1Bn Push and David Schwartz Fuel Institutional Bullishness
(99bitcoins)

Oct-20-25 04:07PM
Evernorth to Build Worlds Largest Institutional XRP Treasury via $1B SPAC Merger
(Coinspeaker)

Ripple-backed XRP treasury firm eyes Nasdaq IPO
(TheStreet)

Evernorth to Raise $1 Billion for the Largest XRP Treasury
(BeInCrypto)

Ripple Backs Crypto Treasury That's Raising Over $1 Billion to Buy XRP
(decrypt)

Ripple-Backed Firm Plans SPAC, Raising $1B to 'Create the Largest Public XRP Treasury'
(CoinDesk)

Evernorth to Go Public With Over $1 Billion in Gross Proceeds
(PR Newswire)

Ripple-backed Evernorth set to raise over $1 billion in US listing to hoard XRP token
(Reuters)
Aug-28-25
Armada Acquisition Corp. II Announces Closing of Sponsor Securities Purchase Agreement
(Business Wire)