Ripple-backed Evernorth Holdings strikes nearer to its merger with Armada Acquisition Corp II and changing into the most important Nasdaq-listed public XRP treasury. After naming its board of administrators and unaudited professional forma monetary particulars, the corporate now awaits the SEC approval.
Ripple-Backed Evernorth Nears Merger to Become Largest Public XRP Treasury
Evernorth Holdings, the Ripple-backed energetic XRP treasury agency, has filed an amendment to its Form S-4 registration assertion with the U.S. Securities and Exchange Commission (SEC).
The submitting advances its proposed enterprise mixture with Armada Acquisition Corp II, a particular function acquisition firm sponsored by Arrington Capital. The merger goals to create the most important public XRP treasury firm to commerce on Nasdaq beneath the ticker XRPN.
Evernorth has raised over $1 billion in gross proceeds from traders together with Arrington Capital, Ripple, SBI Holdings, Pantera Capital, and Kraken. Ripple has contributed 126,791,458 XRP to the corporate.
Beyond holding XRP, Evernorth will function XRPL validators, RLUSD stablecoin integration for institutional DeFi lending and yield alternatives, and tokenized real-world assets. It will use metrics like XRP-per-share and yield-per-token to measure efficiency.
Evernorth now awaits the SEC’s approval for the registration assertion, which is beneath evaluation and feedback. After the SEC declares the S-4 efficient, Armada Acquisition Corp II’s shareholders will vote on the proposed merger.
Evernorth Announces Unaudited Pro Forma Financial Information
As XRP treasury Evernorth progresses in direction of the merger, it has introduced unaudited professional forma condensed mixed monetary statements as of March 31, 2026. The monetary particulars for Evernorth Holdings, Pathfinder Digital Assets, and Armada Acquisition Corp II are shared.
The mixed money reserves of the businesses have elevated in Q1 2026. However, the worth of XRP held at Evernorth Holdings’ treasury has dropped to $387.14 million as a result of drop in XRP costs.
Notably, the professional forma mixed statements lowered from $1.1 billion to nearly $870 million. It additionally mentions consent from Deloitte & Touche and CBIZ CPAS PC on the monetary statements.
Nevertheless, the corporate named Ripple’s CLO Stuart Alderoty to the board of directors, alongside with CEO Asheesh Birla and Ted Janus. Moreover, OpenAI Foundation chief monetary officer Robert Kaiden and Antalpha chief working officer Derar Islim will serve on the board of administrators.
XRPN Stock Slips amid XRP Price Fall
Armada Acquisition Corp II’s XRPN inventory value is buying and selling 0.20% decrease in premarket buying and selling on Monday. Nasdaq-listed XRPN inventory jumped greater than 3% increased year-to-date.
Japan-based SBI Holdings has excessive voting energy within the XRP treasury. If inventory dilutions are increased as a result of redemptions, the corporate’s voting energy can rise to 59.7%.
XRP value fell greater than 2% prior to now 24 hours, at present buying and selling at $1.30. The 24-hour excessive and low are $1.35 and $1.30, respectively. Furthermore, buying and selling quantity has elevated by nearly 44% over the past 24 hours amid the US-Iran war escalation.
However, derivatives markets recorded shopping for over the previous couple of hours, based on CoinGlass information. The whole XRP futures open curiosity climbed greater than 0.65% to $2.94 billion prior to now 4 hours.
