Evernorth Bets on XRP

Interest in XRP among major institutions continues to grow, and Evernorth is reinforcing its presence in this space. On November 13, the company announced that it had submitted a confidential draft of its S-4 form to the U.S. SEC — a required step toward its planned merger with Armada Acquisition Corp. II, listed on Nasdaq under the ticker XRPN.

Evernorth CEO Asheesh Birla emphasized that the company aims to help build a new generation of institutional finance powered by digital assets. Going public would enable Evernorth to develop solutions that make it easier for large organizations to adopt and use XRP.

The company plans to assemble the largest institutional pool of XRP and expand infrastructure for tokenization-based financial services. Its model is designed to provide regulated access to XRP without relying on traditional ETF structures. Evernorth intends to strengthen its position through activity across capital markets as well as selective elements of decentralized finance.

Its merger partner is backed by Arrington Capital and brings extensive experience in the digital-asset sector. Both sides expect to close the transaction in early 2026, pending regulatory approvals. Earlier reports suggested that Evernorth’s XRP-based treasury strategy could be supported by more than $1 billion in projected gross proceeds.

Supporters believe the initiative could boost liquidity and make it easier to integrate tokenized assets into traditional markets. Critics, however, point to the volatility of cryptocurrencies and ongoing regulatory uncertainty.