Evernorth Holds 473 Million XRP Worth $656 Million Ahead of May 2026 Nasdaq Filing

Evernorth holds more than 473 million XRP in treasury reserves, valued at approximately $656 million, according to a second amendment to its Form S-4 registration statement filed with the SEC in May 2026. The Ripple-backed company is advancing toward a Nasdaq listing under the ticker XRPN through a merger with Armada Acquisition Corp II, sponsored by Arrington Capital. Ripple Labs contributed 126.79 million XRP to support the deal, with additional backing from SBI Holdings, Pantera Capital, Kraken and Arrington Capital. The company has raised more than $1 billion in gross proceeds.

Evernorth’s latest SEC filing named Robert Kaiden, CFO of the OpenAI Foundation, and Derar Islim, COO of Antalpha, as independent directors. Ripple Chief Legal Officer Stuart Alderoty also serves as a board member. The company is structured as an active digital asset treasury company, with plans to generate yield through lending protocols and decentralized finance strategies rather than passively holding XRP.