Digital asset treasury company Evernorth Holdings, Inc. announced that it has completed its business combination with special purpose acquisition company Armada Acquisition Corp. II, which was initiated by Arrington XRP Capital Fund, LP. Evernorth aims to facilitate large-scale institutional access to the XRP ecosystem, with common stock expected to begin trading on NASDAQ under the ticker XRPN on October 12, 2026, and ringing the NASDAQ closing bell on October 14. At the time of the transaction, the company held approximately 473 million XRP and raised about $300 million in gross cash proceeds (before transaction expenses). Investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, GSR, and others. Founder and CEO Asheesh Birla stated that the goal is to establish an actively managed XRP treasury to support ecosystem growth and meet public market demands for transparency and governance. The company indicated that as institutional on-chain finance develops, the need for capital expansion in tokenized assets, on-chain credit markets, and settlement infrastructure will arise, and Evernorth intends to be a source of such capital, operating in accordance with NASDAQ listing company reporting, governance, and disclosure standards. Michael Arrington, founder of Arrington Capital, stated that support for Evernorth is an extension of his XRP thesis, which will bring scalable capital, active participation, and public company standards.