By Isaac • October 11, 2026 7:27 pm •
Evernorth has finished its combination with Armada Acquisition Corp. II and expects its shares to begin trading on Nasdaq under the ticker XRPN.
The headline number is hard to miss: roughly 473 million XRP now sits inside a public company built to put that reserve to work.
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That makes Evernorth more than another company holding crypto on its balance sheet. It is trying to turn a huge XRP position into an operating treasury—deploying capital across lending, liquidity and other parts of the XRP economy while reporting the results to public shareholders.
But the same Ripple connections that helped build the vehicle also create an accounting wrinkle investors should not wave away.
In its closing announcement, Evernorth
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