Evernorth completes merger to list under XRPN with 473 million XRP

Evernorth has finalized its merger with Armada Acquisition Corp. II, securing 473 million XRP and $300 million in gross cash proceeds ahead of its scheduled October 12, 2026 Nasdaq listing under ticker XRPN. Backed by Ripple, Pantera Capital, and SBI Group, the company plans to deploy capital across institutional lending, tokenized assets, and XRP Ledger validation. Despite the corporate milestone, XRP remains under selling pressure around $1.40 amid broader crypto weakness and derivative liquidations.

Evernorth completes SPAC merger to list on Nasdaq

• ▪Armada Acquisition Corp. II shareholders approved the business combination with Evernorth on September 30, 2026, and completed Armada's move from the Cayman Islands to Delaware on October 8, 2026
• ▪Evernorth leadership and investors expect to ring the Nasdaq closing bell on October 14, 2026
• ▪Evernorth's merger transaction with Armada Acquisition Corp. II brings together Evernorth, Pathfinder Digital Assets, Ripple, Armada Acquisition Corp. II, and two merger subsidiaries, making Pathfinder and former Armada entities wholly owned Evernorth subsidiaries
• ▪Evernorth completed its merger with special purpose acquisition company Armada Acquisition Corp. II and expects its common stock to begin trading on Nasdaq under the ticker XRPN on October 12, 2026

Evernorth outlines XRP treasury strategy and funding

• ▪Evernorth's treasury strategy includes XRP accumulation, institutional lending, liquidity provision, tokenized assets, onchain credit markets, and participating in XRP Ledger validation using Ripple's RLUSD stablecoin
• ▪Evernorth's merger with Armada Acquisition Corp. II provides Evernorth with approximately 473 million XRP and approximately $300 million in cash proceeds to pursue its digital asset treasury strategy
• ▪Evernorth founder and CEO Asheesh Birla stated that Evernorth aims to deploy capital across the XRP economy, support infrastructure, and pursue strategies designed to grow XRP per share over time

Key backers and sponsors involved in the deal

• ▪Evernorth's backers and investors include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR
• ▪Armada Acquisition Corp. II was sponsored by Arrington XRP Capital Fund, LP, which is founded by Michael Arrington

XRP price and futures market reaction

• ▪XRP traded between $1.39 and $1.41 on October 9 and October 10, 2026, remaining down 9% to 10% on the week despite Evernorth's corporate merger milestone with Armada Acquisition Corp. II
• ▪XRP futures open interest declined by 4.6% in token terms and 8.6% in dollar terms as forced liquidations of leveraged long positions added selling pressure

Macroeconomic pressure weighs on crypto market

• ▪Bitcoin consolidation near $83,000 and broader crypto market weakness exposed altcoins including XRP to risk-off market sentiment
• ▪Macroeconomic factors including higher oil prices, elevated U.S. Treasury yields, and a stronger U.S. dollar weighed on digital assets during October 2026

Debatable claims

• ▪Corporate treasury accumulation creates sustained demand for underlying crypto tokens
• ▪Evernorth's Nasdaq listing is an effective vehicle for institutional XRP exposure