- Evernorth is advancing a merger with Armada II, a SPAC backed by Arrington $XRP Capital Fund, under a deal that includes Ripple Labs.
- Evernorth expects to hold approximately 473 million $XRP when the transaction closes and plans to actively manage its digital-asset treasury.
- The transaction would bring an $XRP-focused public treasury strategy to Nasdaq, challenging a market still dominated by Bitcoin holdings.
Evernorth advances Armada II SPAC merger
Evernorth has cleared a key regulatory stage in its planned merger with Armada II, a special purpose acquisition company backed by Arrington $XRP Capital Fund. The parties signed their business combination agreement on October 19, 2025, and the agreement includes Ripple Labs.
According to a filing with the U.S. Securities and Exchange Commission, Evernorth received SEC clearance for its Form S-4. The approval allows Armada II to distribute the required merger documents to the relevant parties and move the transaction toward a shareholder vote.
Evernorth identifies Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR among its investors. The company expects to hold about 473 million $XRP when the merger closes, positioning the transaction as one of the most significant public-market efforts centered on the token.
Active $XRP treasury strategy goes beyond holding tokens
Evernorth says it does not intend to operate as a passive wrapper that simply holds $XRP on its balance sheet. Its strategy includes generating yield, participating in the broader $XRP ecosystem and pursuing capital-markets opportunities designed to increase the amount of $XRP held per share.
CEO Asheesh Birla described the approach as an “actively managed $XRP treasury with the transparency and governance public markets demand,” according to the SEC disclosure. The strategy places treasury management, rather than simple asset accumulation, at the center of Evernorth’s proposed public-company model.
A stronger share price could give Evernorth access to additional funding and help it purchase more $XRP. The company’s model therefore depends not only on the performance of $XRP, but also on its ability to maintain investor confidence and use public-market financing effectively.
$XRP ETFs show growing institutional interest
Spot exchange-traded funds have already become a vehicle for institutional exposure to digital assets. Ripple has reported that U.S. $XRP ETFs had accumulated approximately $1 billion in total inflows by December 16, 2025, rising to $1.5 billion by early March 2026.
Ripple’s analysis also said Goldman Sachs had disclosed approximately $153.8 million across four products. These figures provide additional market context for Evernorth’s proposed strategy, although ETF exposure and an actively managed corporate treasury remain different investment structures.
Bitcoin still dominates public crypto treasuries
Evernorth’s planned $XRP treasury would enter a market still overwhelmingly concentrated in Bitcoin. The Block’s treasury tracker shows that 119 public companies collectively hold more than $134.7 billion in cryptocurrencies by net asset value. Bitcoin accounts for 80.3% of that total, or approximately $108.1 billion.
According to CoinShares, higher token prices reopened fundraising channels in September. That allowed Strategy to resume additional purchases, acquiring 4,603 BTC for approximately $369.7 million. The example illustrates how rising crypto prices can make equity and other financing mechanisms more accessible to treasury-focused companies.
Why the treasury flywheel can reverse
The same financing model becomes more vulnerable when cryptocurrency prices decline. Falling token prices can pressure company valuations, eliminate premiums and increase the cost of raising capital. A study of Bitcoin treasury companies found substantial Bitcoin exposure but no statistically significant abnormal returns after standard risk adjustments.
As Cryptopolitan noted, reflexivity “cuts both ways.” Evernorth will face $XRP price volatility alongside the ordinary risks associated with operating as a public company. Its central challenge will be demonstrating that active treasury management can produce durable value rather than simply amplify market movements.
Why This Matters
The Evernorth-Armada II transaction would expand the public-company treasury model beyond its heavy concentration in Bitcoin. If completed, the deal would give investors a Nasdaq-listed vehicle focused on $XRP accumulation, ecosystem participation, yield generation and capital-markets execution.
The outcome will depend on the merger process, the shareholder vote and Evernorth’s ability to manage financing and token-price risk. Its expected 473 million $XRP position would provide scale, but the company’s long-term performance will be tested by whether that scale translates into higher $XRP per share and sustainable public-market value.
Frequently Asked Questions
What is the Evernorth-Armada II transaction?
It is a planned business combination under which Evernorth will merge with Armada II, a SPAC backed by Arrington $XRP Capital Fund. The agreement includes Ripple Labs.
How much $XRP does Evernorth expect to hold?
Evernorth expects to hold about 473 million $XRP when the transaction closes.
Why is the transaction significant?
The deal would bring an actively managed $XRP treasury strategy to Nasdaq at a time when Bitcoin accounts for most cryptocurrency holdings among public companies.