Overview

• Evernorth will merge with Armada Acquisition Corp II to list on Nasdaq, with expected proceeds topping $1 billion.
• SBI is committing $200 million, with additional participation from Chris Larsen, Pantera Capital, Kraken, GSR and Rippleworks.
• The company plans open-market XRP purchases and active deployment through liquidity provision, lending and DeFi yield strategies to build the largest publicly traded XRP treasury.
• The combined company is expected to trade under the ticker XRPN if approved, with closing targeted for the first quarter of 2026.
• Asheesh Birla will serve as CEO and step down from Ripple’s board, and Ripple executives are expected to advise the venture.